Paycheck Protection Program (PPP) Loans
The Small Business Administration (SBA) which administers the Paycheck Protection Program (PPP) has announced they are no longer processing loan applications as all funds for the program have now been allocated.
For more information visit https://www.sba.gov/funding-programs/loans/covid-19-relief-options/paycheck-protection-program.
The Paycheck Protection Program is a loan program that originated from the Coronavirus Aid, Relief, and Economic Security (CARES) Act designed to provide a direct incentive for small businesses to keep their workers on the payroll. The loans are eligible for forgiveness if specified criteria are met.
Below are PPP Loan Forgiveness resources to assist customers who have already received PPP funding.
There are three loan application options. Each borrower must complete the appropriate application along with supporting documentation. Here is the Small Business Administration’s guidance on How to Calculate Loan Amounts.
This application is for all loans $150,000 or less. If you are completing form 3508S, you must maintain the required documentation necessary to support the forgiveness application but you are not required to submit it.
This application is for borrowers whose loan amount exceeds $150,000 AND who can answer one of the three questions on the 3508EZ instructions list provided below. You will also need to submit the required documentation outlined in the PPP Forgiveness Documentation Checklist below.
This application form is for borrowers whose loan amount exceeds $150,000 AND have 1) Reduced salary or wages of any employees by more than 25% and reduced the number of employees or the average paid hours; 2) Reduced annual salary or hourly wages of any employees by more than 25% and were unable to operate at the same level of business activity as before Feb. 15 due to compliance with specific health and safety requirements as outlined in the PPP Flexibility Act.