Nearly $200 billion of the $310 billion authorized for round two of the small business Paycheck Protection Program (PPP) has been exhausted. If your business is planning on applying for the PPP, you are encouraged to do so immediately, as the forgivable loans are allocated on a first-come, first-served basis.
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.
Consult with your local lender as to whether it is participating. All loans will have the same terms regardless of lender or borrower.
Click here to find eligible PPP lenders.
Click here to access the borrower application form.
Click here to determine how to calculate maximum loan amounts.
About the Program: The PPP provides small businesses with funds in the form of loans that will be fully forgiven when used to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities. 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.
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