Paycheck Protection Loans issued by the SBA
To apply for a paycheck protection program (PPP) please contact the SBA by clicking on the link below
- You will need to register as a new user.
- The SBA number there will verify you and get you the info needed to log in. This is the quickest way to get the application in process with the SBA.
- If you do not know your SBA number this page has an 800 number directly to SBA that should be used, dedicated to answering questions like this quickly. When asked about the covered period, you should choose between 8 weeks and 24 weeks, which is up to the borrower.
https://directforgiveness.sba.gov/requests/borrower/login/?next=/
Information to organize for both loans:
- Proof your business was in operation on February 15, 2020, by submitting a bank statement, utility bill, etc.
- Organize and scan your payroll records and payroll tax documents (e.g. third-party or internal payroll reports, 941 forms, Schedule C or E forms, etc.)
- Make sure you have your deposit account information ready (we will help you open an MSCU account if needed)
Additional Information for First Time Borrowers
- Your business cannot employ more than 500 people
- Your loan amount will be calculated using your average monthly payroll as defined in the PPP Loan Application
- To receive 100% loan forgiveness, at least 60% of the PPP loan funds must be used for eligible payroll expenses
Additional Information for Second-Draw PPP
- Funds from your first PPP loan must be used in full on or before the expected disbursement date of the second PPP loan
- Your business cannot employ more than 300 people
- You must prove that your business has had a 25% or more drop in revenue in any quarter of 2020 compared to the same quarter in 2019, or annually in 2020 as compared to 2019 (documentation must be provided at the time of application)
Additional Links
