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The Covid-19 relief bill signed by President Trump on December 27, 2020 allocates $284 B for another round of SBA Paycheck Protection Program (PPP) Loans. Start your application today and get approved within 5 business days.

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Get ahead of line

The program is first come first served. You take your place while SBA finalized the program

Fast decisioning on your application

Normal turn around time is 2 business days

Easy to follow application

We use an online application that is easy to follow

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You'll receive communications with program updates to help ensure that your application can be completed and submitted to the SBA

FAQ

Am I eligible for a PPP loan in this round if I did not receive a previous PPP loan?

Yes, the program will be open for both first-time borrowers and borrowers looking for a second loan. Please note that the requirements for first-time borrowers and second-time borrowers are different. Continue reading below for a non-exhaustive list of eligibility requirements and other helpful information. Please be advised that qualifying as an eligible business does not guarantee a PPP loan will be offered.

I am a first-time borrower. What types of businesses are eligible?

In addition to the businesses that were eligible in the initial round of the PPP, during this round the program includes entities that are 501(c)(6)s, destination marketing organizations (DMOs), housing cooperatives, newspapers, broadcasters, and radio stations. Additionally, for first-time borrowers to qualify for eligibility, the entity may employ no more than 500 employees.

I am a first-time borrower. When did I have to be doing business by to qualify for a loan?

In order to be eligible for a loan, first-time businesses must have been in operation on February 15, 2020.

I am a first-time borrower. What is the maximum amount I may request under the PPP?

The absolute maximum cap on loans (both first-time applicants and second draw borrowers) for the PPP is $2,000,000. In your application you will be requested to submit certain documentation as proof of eligibility that will determine the amount your business is eligible for under the program. Please be advised that borrowers are not guaranteed the full amount requested in their application. The maximum loan amount for a covered loan is the average total monthly payments for payroll costs incurred during the one-year prior multiplied by 3.5x for certain business types.

I am 1099, can I apply for PPP?

You are eligible to apply for a PPP loan as an independent contractor or self-employed individual who has been or will be harmed by the pandemic if all of the following are true:  You filed or will file a Form 1040 Schedule C for 2019 showing self-employment income:

 

1. Review Schedule C, line 31
2. If net income is positive, you can qualify
3. If net income is negative, you don’t qualify
4. Net income / 12 months = monthly income
5. Monthly income x 2.5 = PPP amount
6. If line 31 more than $100,000, then max you can count is $100,000
7. So max for self employed is $20,833.33

What are the loan terms?

Basic Terms of PPP Loan is 1.00% fixed interest rate; two-year or five-year term depending on the date of the PPP loan origination.

What document do I need?

If your business is: Corporation, Professional Corporation, General Partnership, LLC, Nonprofit

  • Color copy of government issued ID (front and back)
  • Organizational Documents (Articles of Incorporation, Certificate of Existence, Certificate of Organization, etc.)
  • 2019 IRS Form W3
  • 2019 IRS From 940

If your business is any of these: Sole Proprietorship, Independent Contractor, Self-employed, Single member LLC

  • Color copy of government issued ID (front and back)
  • 2019 1040 Schedule C
  • 2019 1099-MISC
  • 2020 invoice, bank statement or book of record to establish you were operating effective 2/15/2020
  • 2019 IRS Form W3 (if you have employee)
  • 2019 IRS Form 940 (if you have employee)
  • W2 for any employees earning more than $100,000
  • Payroll statement covering 2/15/2020

How long does it take to get approved PPP loan?

The PPP process takes approximately 10 days to complete. However, the completed timeframe is on a case by case basis.

What expenses are eligible to be included in my PPP application?

In addition to the expenses that were eligible under the previous round (payroll, rent and utilities), both first-time applicants and borrowers applying for a second draw may also use their PPP loan to cover the following expenses: covered operations (software, cloud computing, and other human resources and accounting needs); property damage costs due to public disturbances that occurred during 2020 that are not covered by insurance; covered supplier costs; and covered worker protection expenditures (PPE) as determined by state governments, the CDC, OSHA and HHS.

I received a PPP loan in the previous round. What do I need to show to be eligible for a second draw?

  • Have 300 or fewer employees
  • Have sustained a 25 percent drop in revenue in  any quarter of 2020 when compared to the same quarter in 2019
  • A borrower must have used the full amount of its first PPP loan to apply for second

Are Seasonal Employers eligible to participate in the PPP?

Yes, seasonal employers are eligible for PPP loans. Seasonal employers are defined as businesses that do not operate for more than seven months in a calendar year or earned no more than one-third of their receipts in any six months in the prior calendar year.

What businesses are NOT eligible to participate in the PPP?

The following businesses are not eligible to receive PPP loans:

Entities listed in 13 C.F.R. 120.110 and subsequent regulations except for entities from that regulation which have otherwise been made eligible by statute or guidance, and except for nonprofits and religious organizations;

Entities involved in political and lobbying activities including engaging in advocacy in areas such as public policy or political strategy or otherwise describes itself as a think tank in any public document;

Entities affiliated with entities in the People’s Republic of China;

Registrants under the Foreign Agents Registration Act; and

Entities that receive a grant under the Shuttered Venue Operator Grant program.

Is PPP loan forgivable?

The forgiveness rules and processes are generally the same for second-draw loans as they were for the original PPP loans. Borrowers can have their loan forgiven in its entirety if they use the funds to pay for eligible costs during the applicable covered period (any time frame between eight and 24 weeks from loan disbursement).

To qualify for full forgiveness, at least 60% of the loan funds must be spent on payroll costs. The rest may be used for business mortgage interest payments, rent, utilities or other new eligible expenses such as certain operations expenses, supplier costs and worker protection expenditures. More information is expected soon on the additional eligible expenses.

Please note that according to the legislation, for loans of up to $150,000 you can simply certify your revenue loss when you apply, but on or before you apply for forgiveness you will have to produce documentation of that revenue loss. We won’t know exactly what the SBA will consider acceptable until it provides guidance.

How must I spend the money?

Like the first round of PPP, this program is primarily intended to keep employees (including the business owner or independent contractor) on payroll and to pay other specific expenses.

To obtain full forgiveness, borrowers will need to spend at least 60% of loan proceeds funding on qualified payroll expenses. Borrowers may spend up to 40% on other qualified non-payroll expenses, during the covered period. This list of eligible non-payroll expenses has been expanded to include:

  • Rent
  • Mortgage interest
  • Utilities
  • Covered Operations expenditure
  • Covered Property damage cost
  • Covered supplier cost
  • Covered worker protection expenditure

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