Assistance for small businesses affected by COVID-19
Get help applying to the Paycheck Protection Program (PPP) here
The Coronavirus Aid, Relief, and Economic Security (CARES) Act contains programs to support small businesses impacted by the COVID-19 pandemic.
One such provision, the Paycheck Protection Program (PPP) sets aside almost $350 billion in funds for emergency Small Business Administration (SBA) loans to qualifying businesses.
These 100% federally backed loans can help small business owners cover payroll for their workforce as well as other operational costs such as rent and utilities. Under certain circumstances, a PPP loan may ultimately be forgiven.
Eligible businesses can apply for a PPP loan between April 3, 2020 until June 30, 2020. Businesses and sole proprietorships can apply starting April 3, 2020. Independent contractors and self-employed can apply starting April 10, 2020.
To receive more information including early access to our application form, please enter your information below.
Frequently Asked Questions
Which businesses are eligible for the loans?
Types of entities that are qualified to receive PPP loans:
Businesses and entities must have been in operation on February 15, 2020.
Small business concerns, as well as any business concern, a 501(c)(3) nonprofit organization, a 501(c)(19) veterans organization, or Tribal business concern described in section 31(b)(2)(C) that has fewer than 500 employees, or the applicable size standard in number of employees for the North American Industry Classification System (NAICS) industry as provided by SBA, if higher.
Individuals who operate a sole proprietorship or as an independent contractor and eligible self-employed individuals.
Any business concern that employs not more than 500 employees per physical location of the business concern and that is assigned a NAICS code beginning with 72, for which the affiliation rules are waived.
Affiliation rules are also waived for any business concern operating as a franchise that is assigned a franchise identifier code by the Administration, and company that receives funding through a Small Business Investment Company.
What credit profile do I need to borrow?
You need to show proof of Payroll Expense. The bank or credit union may require additional documents.
We encourage you to have the following documents ready:
Articles of Incorporation / Organization
Bylaws / Operating Agreement
Driver’s licenses or another government-issued identification for each owner
Payroll Expense verification documents include:
IRS Form 940 and 941 as of December 31, 2019
2019 Payroll Summary Report, to include Employee Name, last 4 SSN, Address, Gross Pay, Deductions, Net Pay and Employer Cost.
If a Payroll Summary Report is not available, Employee Pay Stubs as of February 15, 2020 (or corresponding period) with corresponding bank statements, and, breakdown of payroll benefits (vacation, allowance for dismissal, group healthcare benefits, retirement benefits, etc.)
Complete 2019 financials, including the profit & loss and balance sheet
Trailing twelve-month profit & loss statement (as of the date of application)
Most recent mortgage statement or rent statement (lease)
Most recent utility bills (electric, gas, telephone, internet, water)
How do I apply?
Borrowers will need to apply through banks, credit unions and other lenders. Businesses and sole proprietorships can apply starting April 3, 2020. Independent contractors and self-employed can apply starting April 10, 2020.
How long will it take to get the money?
The banks, credit unions and other lenders will review the application and submit to the SBA for approval. The process should take a few days.
How much money can I apply for?
The maximum loan size is $10 million. The calculation is as follows:
2.5x the Average Monthly Payroll costs, measured over the 12 months preceding the loan origination date.
If you took out the EIDL loan between February 15, 2020 and June 30, 2020 and you want to refinance that loan into a PPP loan, you would add the outstanding loan amount to the “payroll” sum.
Payroll includes salaries, commissions, tips, certain employee benefits (including health insurance and retirement benefits), state and local taxes. Payroll costs specifically exclude compensation of an individual employee in excess of an annual salary of $100,000, foreign employees, FICA and income tax withholdings.
Note: Businesses should not include payments to independent contractors in their “Average Monthly Payroll" costs calculation. Independent contractors have the ability to apply for a PPP loan on their own so they do not count for purposes of a borrower’s PPP loan calculation.
What if I can’t repay the loan?
Businesses that retain their workers or rehire ones that were laid off would be eligible for forgiveness on portions of their loans used for certain costs—including payroll, rent payment, mortgage obligations and utilities—that are incurred during an 8-week period starting on the loan’s origination date.
Am I still eligible to apply for a loan if I’ve had to lay off my employees and shut down most of my operations?
It is unclear. The legislation says that borrowers must acknowledge that the loan funds will be used to “retain workers and maintain payroll or make mortgage payments, lease payments and utility payments.”
What other help is available?
Most local and state governments are also providing certain economic relief to businesses affected by COVID-19. Please consult the website of your local or state government for details.
Email us at or call us at 1-800-492-1175 to speak to a team member.