Submit Your PPP Application
Applications for funding are being processed on a first come, first served basis so please complete your PPP application today.
The Paycheck Protection Program is back. PPP’s federally guaranteed loans are intended to keep America’s businesses going during the ongoing impact of COVID-19. The second round of PPP loans have new eligibility guidelines and many businesses and independent contractors may qualify, even if they received a PPP loan previously.
First-time borrowers in general, can have no more than 500 employees and their business must have been in operation as of February 15, 2020. The first loan can be up to 2.5 times the business’ average monthly payroll costs, up to a $10 million loan maximum.
Second-time borrowers can apply for a second PPP loan if they’ve spent or expect to spend the full amount of their first PPP loan before they receive funding for the second loan. In general, second-time borrowers can have no more than 300 employees. The second loan can be up to 2.5 times the business’ average monthly payroll costs, up to a $2 million loan maximum.
Restaurants and Hospitality companies with NAICS code 72 can borrow up to 3.5 times the business’ average monthly payroll costs, up to a $2 million loan maximum.
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What is the Paycheck Protection Program?The Paycheck Protection Program is a specific type of federally guaranteed loan intended to keep America’s businesses going during the temporary turmoil of the global pandemic. The SBA will empower businesses to borrow money based on the average cost of their monthly payroll. The money can be used for payroll costs, employee benefits, insurance premiums, mortgage interest, rent, utilities and more.
Paycheck Protection Program Highlights
How Does the Paycheck Protection Program Work?
Who is Eligible?
- Business must have been in operation as of February 15th, 2020.
- Businesses must have paid salaries and payroll taxes or paid independent contractors.
- Sole-proprietors, independent contractors, and other self-employed individuals are eligible.
- Businesses with no more than 500 employees.
- 501(c)(3) nonprofit, a 501(c)(19) veteran’s organization, or Tribal business described in section 31(b)(2)(C) of the Small Business Act with 500 or fewer employees are also eligible.
- The program waives affiliation rules for businesses in the hospitality and restaurant industries, franchises that are approved on the SBA’s Franchise Directory, and small businesses that receive financing through Small Business Investment Company (SBIC).