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Paycheck Protection Program Loans

What Is the Paycheck Protection Program?

Recently added as an SBA loan program, the Paycheck Protection Program provides federally-guaranteed loans to eligible small businesses. Loans are the lesser of $10 million and the calculated amount may be partially forgivable. These loans are intended to help small businesses retain employees throughout and after the Coronavirus (COVID-19) crisis.

As dictated by the CARES Act, the SBA will commit to helping small business owners across America borrow $349 billion. The Paycheck Protection Program covers operational expenses beginning February 15, 2020 and ending on June 30, 2020.

What you need to apply:

The date you started your business

You need to have been in business on February 15, 2020

Documentation verifying your average monthly payroll costs

Payroll costs include salary, wages, commissions, or tips (capped at $100,000 on an annualized basis for each employee).

Employee benefits including costs for vacation, parental, family, medical, or sick leave; an allowance for separation or dismissal.

Payments required for the provisions of group health care benefits including insurance premiums; and payment of any retirement benefit.

State and local taxes assessed on compensation.

For a sole proprietor or independent contractor: wages, commissions, income, or net earnings from self-employment, capped at $100,000 on an annualized basis for each
employee.