With new funding approved for the PPP program, we will resume processing previously submitted applications that did not receive funding in the first round in the order in which the application was received. If you previously submitted an application, you do not need to re-submit. We are currently accepting new applications from existing members only at this time.
*Subject to change. Please check this page for updated information.
The Paycheck Protection Program (“PPP”) authorizes up to $349 Billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. Businesses, including non-profits, sole proprietorships, and independent contractors, with fewer than 500 employees are eligible to apply. Loan amounts are based on 2.5x your company’s average monthly payroll expense and will generally be based on your prior year’s expense.
Loan payments will be deferred for 6 months, and the loan will be eligible to be forgiven as long as:
The loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and utility costs over the 8 week period after the loan is made, and Employee and compensation levels are maintained.
For amounts that are ineligible for forgiveness, the maximum loan term will be 2 years, with interest rate of 1.00%.
All businesses – including nonprofits, veteran’s organizations, Tribal business concerns, sole proprietorships, self-employed individuals, and independent contractors – with 500 or fewer employees can apply. Businesses in certain industries can have more than 500 employees if they meet applicable SBA employee-based size standards for those industries.
Starting April 3, 2020, small businesses and sole proprietorships can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.
Starting April 10, 2020, independent contractors and self-employed individuals can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.