***Note: This document does not reflect program changes under the
Paycheck Protection Program Flexibility Act of 2020, enacted on June 5, 2020***
What do I need to apply? You will need to complete the Paycheck Protection Program loan
application and submit the application with the required documentation to an approved lender
that is available to process your application by June 30, 2020. Click HERE for the application.
What other documents will I need to include in my application? You will need to provide
your lender with payroll documentation.
Do I need to first look for other funds before applying to this program? No. We are waiving
the usual SBA requirement that you try to obtain some or all of the loan funds from other sources
(i.e., we are waiving the Credit Elsewhere requirement).
How long will this program last? Although the program is open until June 30, 2020, we
encourage you to apply as quickly as you can because there is a funding cap and lenders need
time to process your loan.
How many loans can I take out under this program? Only one.
What can I use these loans for? You should use the proceeds from these loans on your:
• Payroll costs, including benefits;
• Interest on mortgage obligations, incurred before February 15, 2020;
• Rent, under lease agreements in force before February 15, 2020; and
• Utilities, for which service began before February 15, 2020.
What counts as 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;
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; and
• 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.
Does the PPP cover paid sick leave?
Yes, the PPP covers payroll costs, which include employee benefits such as costs for parental,
family, medical, or sick leave. However, it is worth noting that the CARES Act expressly
excludes qualified sick and family leave wages for which a credit is allowed under sections 7001
and 7003 of the Families First Coronavirus Response Act (FFCRA) (Public Law 116–127).
Learn more about the FFCRA’s Paid Sick Leave Refundable Credit online.
How large can my loan be? Loans can be for up to two months of your average monthly
payroll costs from the last year plus an additional 25% of that amount. That amount is subject to
a $10 million cap. If you are a seasonal or new business, you will use different applicable time