Complete a loan application for the Paycheck Protection Program online. Upload your required documents and fill in a short questionnaire about your business to determine your eligibility. It’s fast and secure. You can complete the whole process online in just a few minutes.
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Paycheck Protection Program
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DISASTER LOANS INFO
The United States Congress passed the 2020 CARES Act in March 2020 which made up to $659 billion in loans available to small businesses impacted by Coronavirus.
Loan forgiveness for these loans is available for businesses that meet the requirements of the Paycheck Protection Program and maintain or restore their payroll volumes to pre-crisis levels.
These loans are meant for businesses trying to maintain payroll levels. Companies were able to receive up to 2.5x their average monthly payroll amount. Businesses without employees are eligible for up to 2.5x their monthly personal salary capped at $8,333 per month.
For those who qualify, loans could range up to $10 million and had to be submitted by August 8th. At this time, the deadline has passed and the government is not taking new applications. It is possible that an extension or a new program will be enacted, but is not yet confirmed.
BE PREPARED TO APPLY
Loans under the Paycheck Protection Program have unique documentation requirements that business owners must meet. Please be prepared to provide the following before you apply.
Businesses with Employees
- IRS Form 940
- IRS Form 941 (payroll)
- Business Tax Returns
- Payroll Summary Report
- Entity Formation Documents
Contractors and other Businesses without Employees
- Tax Return
- Invoice, Bank Statement, or Other Records showing business was operating as of 2/15/2020
A new round of PPP funding to help your business
A new round of PPP (Paycheck Protection Program) funding is now available to help small business owners like you protect employees and build their business. This new round allows more uses for PPP funds while continuing to focus on payroll costs and related expenses. Borrowers who received a previous PPP loan may also be eligible for a second PPP loan.
OUR FAST PAYCHECK PROTECTION PROGRAM APPLICATION PROCESS
Get funding in as little as 24 hours
Frequently asked questions
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.