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Beginning Wednesday, Feb. 24, the SBA will open a 14-day PPP loan application window for businesses and nonprofits with fewer than 20 employees. Please visit the SBA website for details.
Before you begin your application, we recommend you review the information titled What you should know before starting your PPP loan application under the tab at the bottom of this page. When you're ready, simply click on the link below that best answers this question:
The Coronavirus Response and Relief Supplemental Appropriations Act (also referred to as the "Coronavirus Relief Act") that was recently signed into law includes another round of PPP funding for select businesses impacted by COVID-19.
The program offers a low-interest, deferred-payment loan to help cover payroll, benefits and other costs for periods ranging between eight and 24 weeks.
More information is available on the SBA website.
We will continually update this page as new guidance from the SBA becomes available.
The Economic Injury Disaster Loan program is also available through the SBA. This is a direct loan from the SBA to the borrower. Applicants must apply directly to the SBA, as financial institutions are not intermediaries in this loan program. Please refer to the SBA's EIDL web page for more information.
The SBA recently launched its third round of PPP funding to help small businesses keep their workforce employed during the COVID-19 crisis. This latest round offers first-time PPP loans as well as second-draw loans for businesses that have received previous PPP funding.
Loan payments are deferred for 10 months following the end of the disbursement period. However, your business could also qualify for loan forgiveness provided that during the disbursement period:
According to the SBA, the following businesses may be eligible as long as they have been in operation since Feb. 15, 2020 and have been impacted by COVID-19:
The SBA provides a complete set of PPP FAQs here.
The SBA requires borrowers to submit their forgiveness applications within 10 months after using the funds. Please be assured we are committed to processing all applications well within that time period.
The forgiveness application underwent several modifications during its roll-out, such as:
The following components are key factors in determining forgiveness:
Be sure to document all uses of loan proceeds and gather the following documentation:
You and your business’ financial well-being will always be our top priority. We will continue to share information as it becomes available. If you have any questions, please email us.
This latest round of PPP funding offers new (first-draw) loans for businesses applying for the first time, as well as an opportunity for businesses that received previous funding to apply for an additional amount (second-draw).
These can be used to help fund payroll costs, including benefits, and may also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations. Maximum loan amount of a First Draw PPP Loan is 2.5x average monthly 2019 payroll costs (up to $2 million).
If you're applying for a first-draw loan, you should gather the following information together prior to entering the loan application portal:
Similar to first-draw loans, these can be used to help fund payroll costs, including benefits. Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.
For most borrowers, the maximum loan amount of a second-draw loan is 2.5x average monthly 2019 or 2020 payroll costs (up to $2 million). For borrowers in the Accommodation and Food Services sector (use NAICS 72 to confirm), the maximum loan amount is 3.5x average monthly 2019 or 2020 payroll costs (up to $2 million).
If you're applying for a second-draw loan, you should gather the following information together prior to entering the loan application portal:
Click here for a helpful guide about how to calculate revenue reduction and maximum loan amounts for second-draw PPP loans.
The above information is based on currently available information and is subject to change. We are committed to keeping you informed as we receive additional guidance from the SBA.
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