Paycheck Protection Program

The newly approved PPP relief package includes the availability of $284.5 billion in forgivable loans to eligible small businesses and nonprofits financially harmed by the coronavirus pandemic. The maximum loan amount has been reduced from $10,000,000 to $2,000,000.

Yes. Eligible PPP borrowers can receive a second PPP loan if they have less than 300 employees and have experienced a 25% decrease in revenue quarter over quarter.

Small businesses with less than 500 employees or who meet the SBA employee-based size standards for the industry they operate in can apply. Restaurant or hospitality businesses with up to 500 employees per location and trade association lobbying groups can also apply.

To apply for Paycheck Protection Program (PPP) loans, you need the following:

• Legal business name, address, and phone number
• Business tax identification or Social Security number
• Tax returns from 2019 and 2018, if available
• Payroll report from 2019 to help verify the amount you are requesting
• Documentation showing the legal structure of your company
• Some demonstration of how COVID-19 has impacted your business

PPP funds are intended to be used for payroll costs, rent and lease payments, mortgage interest payments, utility services, eligible business operations costs, property damage costs, and covered worked protection expenditures. Learn more about how these expenses relate to PPP loan forgiveness 

Four of these eligible expenses are new with this round of the PPP. Uses include payment for business/cloud software, property damage costs related to public disturbances occurring in 2020 that are not covered by insurance or other compensation, expenses made to a supplier of goods essential for business operations, and certain worker protection expenditures like masks.

Yes, if you receive a second PPP loan and spend it on expenses that are eligible for forgiveness, your loan may be forgiven by the SBA. You will need to submit a PPP Loan Forgiveness application to your lender for review. When you’re ready to apply for loan forgiveness, our integrated application uses your securely stored financial information to help ensure fast turnaround.