Paycheck Protection Program has Re-Opened

Published on April 28, 2020

SBA Paycheck Protection Program (PPP)

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

An additional $310 billion has just been approved to extend the PPP through the U.S. Small Business Administration. Applications can be submitted today from participating program lenders and is on a first come, first served basis.

Eligibility includes:

Tribal businesses
501(c)(19) veteran organizations
501(c)(3) non-profit organizations, including religious organizations
Any small business with less than 500 employees (including sole proprietorships, independent contractors, and self-employed persons)
Any business with NAICS Code beginning with 72 (Accommodations & Food Services) that has more than one physical location and employs less than 500 per location

Paycheck Protection Program Lenders

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. To find eligible PPP lenders near you, visit the U.S. Small Business Administration website and type in your zip code.

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