The Paycheck Protection Program (PPP) was created to help small businesses impacted by COVID-19 cover up to 8 weeks of payroll costs, mortgage interest, rent, utilities, and interest on other debt. PPP loans go up to $10 million and may be 100% forgiven. The last day to apply is June 30, 2020.
Am I eligible?
You're a small business (including nonprofits, veterans organizations, Tribal business concerns, sole proprietorships, self-employed individuals, gig workers, and independent contractors) with 500 or fewer employees. Businesses in some industries can have more employees if they meet the SBA employee-based size standards.
You were operating on or before 2/15/2020.
You were affected by COVID-19.
There are a few exceptions. Businesses in the hospitality and food industry with more than one location may also be eligible if their individual locations employ fewer than 500 workers. In some cases, small businesses invested in or owned by venture capital or private equity firms won't be eligible for a PPP loan due to the SBA's affiliation rule.
Some things will make you ineligible for a PPP loan, like having a recent criminal history, being delinquent or having recently defaulted on an federally-guaranteed loan, or currently being involved in a bankruptcy.
Loans can cover up to 250% of average monthly payroll costs (or, for self-employed individuals, average monthly income) with a maximum loan amount of $10 million.
Avg. Monthly Payroll
Were you in business for a full year in 2019?
Are you a highly seasonal business?
Actual Payroll Costs
(Jan & Feb 2020)
Salary, Wages, Commissions or Similar Compensation (for US-based employees)
Cash Tips or Equivalent
Vacation, Family, Parental, Medical or Sick Leave
Group Health Insurance
State & Local Taxes on Employee Compensation
Portion of Wages in Excess of $100,000/yr
Payments to Independent Contractors
Payments to Sole Proprietors
Max Loan Amount
May be fully forgiven*
1% fixed interest rate
2-year loan term
Payments deferred for 6 months (interest will continue to accrue)
No collateral or personal guarantee required
* The loan is fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities. In order for the loan to be fully forgiven, at least 75% of the forgiven amount must have been used for payroll. Also, you either can't lay off employees or you must rehire them by 6/30/2020.
Find a lender
Fill out this form, gather supporting documents, and submit it to a lender. The last day to apply is 6/30/20.
Eligibility for the Payment Protection Program (“PPP”) or any other loan product is not guaranteed. All loans, if offered, will be subject to approval and qualification under the program standards. Any guidance or information we've provided for the purposes of applying for a loan under the Small Business Administration's Paycheck Protection Program (“PPP”) is for informational purposes only. Our guidance is based on Treasury Guidance as published late on April 10,2020, which may become outdated.