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SBA Paycheck Protection Program

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Relief for small businesses was included as part of the CARES Act stimulus package related to the COVID 19 outbreak.  The Small Business Administration (SBA) has launched a number of initiatives, including The Paycheck Protection Program.

About the SBA Paycheck Protection Program

The Paycheck Protection Program (PPP) is a short term lending option designed to help small businesses with cash flow and maintain their employment levels. Any public, private or not-for-profit enterprise with 500 or fewer employees may qualify. The businesses must have been in operation before February 15, 2020.  Borrowers may apply between March 1, 2020 and June 30, 2020.

Eligible businesses

  • All businesses, including non-profits, veterans organizations, tribal concerns, sole proprietorships, self-employed individuals, and independent contractors, with 500 or fewer employees.

Eligible expenses

  • Employee salaries
  • Payroll support including the continuation of benefits
  • Interest payments on mortgage debt of the business
  • Business rent payments
  • Utilities

Maximum loan amount

  • Up to $10 million

Loan forgiveness

  • How much of my loan will be forgiven?

    • You will owe money when your loan is due if you use the loan amount for anything other than payroll costs, mortgage interest, rent, and utilities payments over the 8 weeks after getting the loan. Due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs.

      You will also owe money if you do not maintain your staff and payroll.

      Number of Staff: Your loan forgiveness will be reduced if you decrease your full-time employee headcount.

      Level of Payroll: Your loan forgiveness will also be reduced if you decrease salaries and wages by more than 25% for any employee that made less than $100,000 annualized in 2019.

      Re-Hiring: You have until June 30, 2020 to restore your full-time employment and salary levels for any changes made between February 15, 2020 and April 26, 2020.

  • How can I request loan forgiveness?

    • You can submit a request to the lender that is servicing the loan. The request will include documents that verify the number of full-time equivalent employees and pay rates, as well as the payments on eligible mortgage, lease, and utility obligations. You must certify that the documents are true and that you used the forgiveness amount to keep employees and make eligible mortgage interest, rent, and utility payments.

All loans under this program will have the following identical features:

  • Interest rate of 1.0%
  • Maturity of 2 years
  • First payment deferred for six months
  • 100% guarantee by SBA
  • No collateral
  • No personal guarantees
  • No borrower or lender fees payable to SBA

Submitting Applications

1. Open application

2. Download application to computer

3. Complete and save the completed application

4. Email the completed application to 

  • Please include your Forms 941 for each quarter of 2019 and the 1st quarter of 2020
  • Other documentation may be required 
  • Once the application is received we will be in touch to verify your application

5. We will be in touch after the SBA finalizes the program to complete your application

In addition to PPP, the Small Business Administration has other programs to help small business cope with the economic consequences of the COVID -19 related business disruption:

  • Traditional SBA Loan
  • Express Bridge Loan
  • Economic Injury Disaster Loan
  • SBA Debt Relief
  • Paycheck Protection Program

To view these programs, and to get the latest information from the Small Business Administration visit: