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PPP Loan Application
Terms
The Paycheck Protection Program (“PPP”) authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis.
Loan terms are the same for everyone:
Payroll costs are capped at $100,000 annually for each employee.
Not more than 25% of the forgiven amount may be for non-payroll costs.
Loan payments will be deferred for 6 months.
Loans will be forgiven as long as:
- The loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and utility costs over the 8 week period after the loan is made; and
- Employee and compensation levels are maintained.
Who can apply?
All businesses with 500 or fewer employees can apply. Businesses in certain industries can have more than 500 employees if they meet applicable SBA standards for those industries (click HERE for more information).
When can I apply?
Eligible businesses can apply through June 30, 2020.
Where can I apply?
You can apply through any existing SBA lender or through any FDIC institution, federally insured credit union, and Farm Credit System institution that is participating. See www.sba.gov for a list of SBA lenders.
Who can apply?
All businesses with 500 or fewer employees can apply. Businesses in certain industries can have more than 500 employees if they meet applicable SBA employee-based size standards for those industries (click HERE for additional detail).
What do I need to apply?
You will need to complete the PPP loan application and submit it along with the required documentation to an approved lender.
⇒ Click here to download the PPP loan application.
Additional Resources
Paycheck Protection Program (PPP) Information Sheet for Borrowers
PPP loan rules: HRA plans qualify as payroll expense for loan forgiveness
COVID-19 relief: Section 125 Plan amendment just $49*
Disclaimer: The information in this blog post is not meant as legal or tax advice. Core Documents and our staff are not attorneys or tax professionals; nor are we a part of the IRS or any governmental entity. The reader should consult with an attorney, accountant, or an appropriate government agency for answers based or their professional knowledge and the reader’s particular situation.
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