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Paycheck Protection Program

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Small Business Administration Logo Paycheck Protection Program (PPPL)

An SBA loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19 ) crisis.

 

Notice: Paycheck Protection Program has reopened

Effective July 6, 2020

The Paycheck Protection Program resumed accepting applications July 6, 2020, at 9:00 AM EDT in response to the Paycheck Protection Program Extension Act. The new deadline to apply for a Paycheck Protection Program loan is August 8, 2020. 

 

Paycheck Protection Program Loan Information

The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.

SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses. Click here to read more about PPP loan forgiveness.

How To Apply

You can apply through any existing SBA 7(a) 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. You should consult with your local lender as to whether it is participating in the program. View a list of lenders participating in the Paycheck Protection Program by state.

If you wish to begin preparing your application, you can download a copy of the PPP borrower application form (revised June 12, 2020) (Spanish version) to see the information that will be requested from you when you apply with a lender.

Supplemental Materials

 

 

FAQ for Lenders and Borrowers

Effective May 13, 2020

By Office of Capital Access


Frequently Asked Questions for Lenders and Borrowers for the Paycheck Protection Program

 

 


Notice: PPP Resumes April 27, 2020

The SBA will resume accepting Paycheck Protection Program applications from participating lenders on Monday, April 27, 2020 at 10:30am EDT.

Paycheck Protection Program Loan Information

The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.

SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.

You can apply through any existing SBA 7(a) 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. You should consult with your local lender as to whether it is participating in the program.

Frequently Asked Questions for Lenders and Borrowers (04/26/2020)

How to Calculate Loan Amounts

For affiliation rules applicable for the Paycheck Protection Program, click here.

The Interim Final Rule for Applicable Affiliation Rules for the Paycheck Protection Program as posted in the Federal Register.

Frequently Asked Questions for Faith-Based Organizations Participating in the Paycheck Protection Program and Economic Injury Disaster Loan Program

Apply for the Paycheck Protection Program

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Who Can Apply

The following entities affected by Coronavirus (COVID-19) may be eligible:

  • Any small business concern that meets SBA’s size standards (either the industry based sized standard or the alternative size standard)
  • Any business, 501(c)(3) non-profit organization, 501(c)(19) veterans organization, or Tribal business concern (sec. 31(b)(2)(C) of the Small Business Act) with the greater of:
    • 500 employees, or
    • That meets the SBA industry size standard if more than 500
  • Any business with a NAICS Code that begins with 72 (Accommodations and Food Services) that has more than one physical location and employs less than 500 per location
  • Sole proprietors, independent contractors, and self-employed persons

Loan Details and Forgiveness

The loan will be fully forgiven if the funds are 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.

Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.

This loan has a maturity of 2 years and an interest rate of 1%.

If you wish to begin preparing your application, you can download a copy of the PPP borrower application form to see the information that will be requested from you when you apply with a lender.

View a list of lenders participating in the Paycheck Protection Program by state as of April 23, 2020.

Lender Forms and Guidance

Interim Final Rule announcing the Paycheck Protection Program information as posted in the Federal Register.  Click here to download.

Interim Final Rule announcing Additional Eligibility Criteria and Requirements for Certain Pledges of Loans for the Paycheck Protection Program. This information is being posted in advance of publication in the Federal Register.  The official version will appear in the Federal Register. Click here to download.

Interim Final Rule announcing additional information on Promissory Notes, Authorizations, Affiliation, and Eligibility. This information is being posted in advance of publication in the Federal Register.  The official version will appear in the Federal Register. Click here to download.

Interim Final Rule announcing additional criteria for Seasonal Employers. This information is being posted in advance of publication in the Federal Register. The official version will appear in the Federal Register. Click here to download.

SBA Procedural Guidance on Participation Sales for Paycheck Protection Program Loans. The purpose of this Notice is to provide guidance to Lenders approved to participate in the Paycheck Protection Program regarding the sale of participating interests in PPP loans. Click here to download.

Click here to download the Paycheck Protection Program Lender Application Form.

Click here to view the Lender Agreement (Federally Insured Depository Institutions, Federally Insured Credit Unions, Farm Credit System Institutions) and enroll as a participating SBA Lender to make Paycheck Protection Program financing available to your customers.

Click here to view the Lender Agreement (Non-Bank and Non-Insured Depository Institution Lenders) and enroll as a participating SBA Lender to make Paycheck Protection Program financing available to your customers.

Click here to download the SBA Standard Loan Note (Form 147).

Guidance for Lenders with more than 15,000 PPP loan applications that have been reviewed and approved for SBA submission. SBA has developed a one-time process to allow an XML file submission to the E-Tran system. Click here to download.

If you would like to submit loan authorization requests via our the online Paycheck Protection Lender Gateway, click here and follow the steps below:

  1. Create an account on SBA Connect.
  2. Request authorization to the Paycheck Protection Lender Gateway by providing your FRS, FDIC, or NCUA number as well as your authorization number.
  3. Proceed to the Paycheck Protection Program Lender Gateway to begin submitting loan authorization requests.


Lenders who need assistance accessing SBA's E-Tran system may call our Lender Customer Service Line at 1-833-572-0502.

Additional Program Information

Through April 16, 2020, the SBA has guaranteed 1,661,367 loans under the Paycheck Protection Program. For more information on loan activity, click here.

Other Assistance

Enhanced Debt Relief is also available in SBA’s other business loan programs to help small businesses overcome the challenges created by this health crisis.

For information on traditional SBA lending options, please click here.

SBA provides local assistance via 68 district offices and a nationwide network of resource partners. To find resources near you, please click here

 
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