• Provides small business with funds to pay up to 8 weeks of payroll costs including benefits [1]
  • June 30, 2020 is the deadline for the Paycheck Protection Program
  • SBA will forgive the portion of the loan proceeds that used to cover the first eight weeks of pay roll costs, rent, utilities and mortgage interest. [2]
  • It is Section 1102 of the CARES Act.

Am I eligible?

IF you employ 500 of fewer employees and are

  • Small business
  • Non profit
  • Veteran organization
  • Tribal business concerns
  • Self-employed individual
  • Sole Proprietorship
  • Independent contractor

You are eligible. Certain businesses with more than 500 employees can still qualify, depending on the industry.

What about loan forgiveness?

The Treasury states “that loans are fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.”

When Can I Apply?

Small Businesses & Proprietorships: April 3, 2020 Independent Contractors and Self-Employed Individuals: April 10, 2020 Apply as soon as possible, as there is a cap on funding! You have until June 30, 2020.

Where and how can I apply?

You can fill out the application found below or visit the Treasury Department. Both the SBA and US Chamber of Commerce note that while the loan is government backed, you still need to apply through an eligible PPP lender. It is recommended you contact your local bank, or apply through “any existing SBA7(a) backed lender or through any federally insured depository institution, federally insured credit union, and Farm credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program”.

[1] https://home.treasury.gov/system/files/136/PPP%20–%20Overview.pdf

[2] https://www.sba.gov/about-sba/sba-newsroom/press-releases-media-advisories/349-billion-emergency-small-business-capital-cleared-sba-and-treasury-begin-unprecedented-public

Paycheck Protection Program:

You can look for a local lender here:


Update 4/9/2020

As of April 6, 2020, further guidance has been issued from the federal government. According to the guidance, “payroll costs are calculated on a gross basis without regard to (i.e., not including subtractions or additions based on) federal taxes imposed or withheld, such as the employee’s and employer’s share of Federal Insurance Contributions Act (FICA) and income taxes required to be withheld from employees.” That is, any employer paid Medicare and Social Security taxes should not be included while calculating payroll costs.

If you have already filed before the updated guidance (4/6/20), you will not need to act further. Applications that still have yet to be processed may require revision.

Please see the Borrower Information Sheet and FAQs for more details on loan forgiveness, eligibility, loans, covered costs, and more.

Additional information, Details, and Resources:

US Treasury Paycheck Protection Program Loans FAQs

US Treasury PPP Borrower Information Sheet

US Chamber of Commerce’s Emergency Loans Small Business Guide and Checklist

Small Business Owner’s Guide to the CARES ACT, provided by the US Senate Committee on Small Business & Entrepreneurship.

US Chamber of Commerce FAQs on COVID-19 Small Business Loans

All of the information provided above is subject to updates and is from: