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Paycheck Protection Program Details

April 1, 2020

Small businesses and eligible nonprofit organizations, Veterans organizations, and tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.

The sample application for borrowers can be found here and a list of SBA lenders here (Please note that is processed through your local SBA lender. We recommend checking with your current financial institution first).

Banks will have discretion as to how they document your payroll and what sort of financial information will be requested. By way of example, here is what one very experienced SBA lender will be asking for:

For existing customers: 

  • PPP application 

  • 2019 and 2020 YTD monthly payroll reports

  • State income, payroll and unemployment insurance filings

New customers:

  • PPP application 

  • 2019 AND 2020 YTD monthly Profit & Loss Statement

  • 2019 and 2020 YTD payroll reports

  • State income, payroll and unemployment insurance filings

  • Complete Affiliate information (attached form if needed)

  • Complete CIP / Beneficial Ownership Information

  • Ensure that 100% ownership is accounted for including Tax/EIN #’s & all legal documentation.

The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by directing $349 billion towards job retention and business operating expenses.  

Under this program:

  • Eligible recipients may qualify for a loan up to $10 million determined by 8 weeks of prior average payroll plus an additional 25% of that amount.

  • Loan payments will be deferred for six months.

  • If you maintain your workforce, SBA will forgive the portion of the loan proceeds that are used to cover the first 8 weeks of payroll and certain other expenses following loan origination.

Program Overview

The Paycheck Protection Program is designed to provide a direct incentive for small businesses to keep their workers on payroll by providing each small business a loan up to $10 million for payroll and certain other expenses. 

If all employees are kept on payroll for eight weeks, SBA will forgive the portion of the loans used for payroll, rent, mortgage interest, or utilities. Up to 100 percent of the loan is forgivable.


Businesses – including eligible non-profits, Veterans organizations, Tribal concerns, sole proprietorships, self-employed individuals, and independent contractors described in the Small Business Act – with 500 or fewer employees may apply.

Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries.

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