What is the PPP?

The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.

SBA will forgive loans if all employees are kept on the payroll for either 8 or 24 weeks and the money is used for eligible payroll and non-payroll costs.

How much will my PPP loan be?

Loan amount is based on business size and need.

What businesses are eligible for a PPP?

The following entities affected by Coronavirus (COVID-19) may be eligible:

  • Any small business concern that meets SBA’s size standards (either the industry based sized standard or the alternative size standard)
  • Any business, 501(c)(3) non-profit organization, 501(c)(19) veterans organization, or Tribal business concern (sec. 31(b)(2)(C) of the Small Business Act) with the greater of:
    • 500 employees, or
    • That meets the SBA industry size standard if more than 500
  • Any business with a NAICS Code that begins with 72 (Accommodations and Food Services) that has more than one physical location and employs less than 500 per location
  • Sole proprietors, independent contractors, and self-employed persons

To learn more about business eligibility, visit sba.gov/ppp

Can I apply for my PPP through SBAC?

Any eligible business may apply for the PPP through SBAC, as long as the business is based in our service area. Please check if your business’ zip code is eligible before applying.

What documents do I need to apply for a PPP loan?

If you are a First Time PPP Loan Borrower, you will need to submit the following documents with your application (Form 2483):

  • Payroll processor records
  • Payroll tax filings
  • Payroll tax forms from 2019 (Forms 941, 940 and W-3)
  • Form 1099-MISC records
  • Schedule C for a sole proprietorship

If you are a Second Time PPP Loan Borrower, you will need to submit these documents with your application (Form 2483-SD):

  • Payroll processor records
  • Payroll tax filings
  • Payroll tax forms from 2019 (Forms 941, 940 and W-3)
  • Form 1099-MISC records
  • Schedule C for a sole proprietorship

If your business: used calendar year 2019 figures to determine its first PPP loan, will use calendar year 2019 figures to determine its second draw PPP loan, and will be using the same PPP lender for your second draw PPP loan, your business will not have to provide any additional documentation. You will only need to submit your application form 2483-SD at this time.

Upon requesting PPP loan forgiveness for your second draw PPP loan, your business will have to provide documentation to demonstrate a revenue decline of 25% or more. Documents required will be:

  • Relevant tax forms, including annual tax forms
  • Quarterly financial statements
  • Bank statements

If your business: did not use calendar year 2019 figures to determine its first PPP loan, does not plan on using the calendar year 2019 figures to determine its second draw PPP loan or will not be using the same PPP lender for their second draw loan, your business will need to provide the documentation that was required for your first PPP loan and documents which demonstrate a revenue decline of 25% or more.

All rates and terms subject to change without notice.