SBA Paycheck Protection Program (PPP)

Small Business Administration

U.S. CITIzens and residents
Coming Soon

As part of the federal CARES Act, the U.S. Small Business Administration is providing forgivable loans of up to $10 million per company to provide cash-flow assistance to employers who maintain their payroll during this emergency, help workers remain employed and enable affected small businesses to snap back after the crisis.

Benefits

  • Forgivable loans for up to two months of your average monthly payroll costs from the last year plus an additional 25% of that amount, up to $10 million per company
  • For sole proprietors or independent contractors, maximum is capped at $100,000
  • 1% fixed interest rate
  • Loans will be completely forgiven if funds are used for payroll, interest on mortgage, rent, and utilities, however, at least 75% of the loan must be used for payroll only (in other words, no more than 25% can be used for non-payroll expenses such as rent)
  • Loan payments are deferred for six months, however interest accumulates during this time

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Eligibility

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I own a business that –

Application

Applications must be processed through a participating lender which include:

  • Existing SBA 7(a) lender - find one near you here.
  • Federally insured institutions
  • Federally insured credit union
  • Farm Credit System institution
  • Financial Technology institutions PayPal and Intuit Quickbooks

Check with your existing bank first – if they are participating in the Paycheck Protection Program, it will be quicker and easier for you to apply with a bank or institution you already work with. Many banks are prioritizing customers with whom they already have a relationship.

If your bank is not participating in the program, select an SBA-approved lender or visit PayPal/Intuit Quickbooks, verify application requirements, and contact your institution for help processing your application.

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Do you need help?

The organizations listed below are Axis Coalition Members and are ready to help you at no cost.

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Requirements

  • An appointment with a SBA-approved 7(a) lender
  • Copies of photo identification and Tax Identification Numbers (EIN or SSN) of all owners with 20% or greater ownership stake
  • Certificate of incorporation for the small business
  • 3 years business tax returns
  • 3 years personal tax returns
  • Payroll verification documentation such as: 2019 IRS quarterly 940, 941 or 944 payroll tax reports, payroll summary report of the last 12 months, and/or 2019 1099s for any independent contractors
  • 2019 and YTD (January - February) profit & loss and balance sheet statements
  • Business mortgage statement or lease agreement for commercial space
  • Business utility bills
  • SBA personal financial statement
  • Program application

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