COVID-19 Disaster Assistance

Paycheck Protection Program (PPP) Loan

This loan does not have a Credit Elsewhere provision; meaning, you do not have to be denied before applying for these funds.

Sec. Mnuchin commented that if the funds for these programs were all used up quickly, they would view these programs as a huge success. They also followed up by saying that they would work to quickly add more funds to help ease the “First come first served” stress.

There are still questions regarding how the Disaster Loan (EIDL) and Injury Grant (EEIG) will tie into the PPP. Before closing on the EIDL, please give us a call. From what we see, an application can be submitted to both at the same time, but we have no firm guidance on closing on both.

IMPORTANT: We will not be able to process loans for small businesses and sole proprietorships until April 3, 2020. Independent contractors and self-employed individuals can apply starting April 10, 2020. Make certain you have the most up-to-date application.


Loan Terms & Conditions

  • Eligible businesses: All businesses, including non-profits, Veterans organizations, Tribal concerns, sole proprietorships, self-employed individuals, and independent contractors, with 500 or fewer employees, or no greater than the number of employees set by the SBA as the size standard for certain industries
  • Maximum loan amount up to $10 million
  • Loan forgiveness if proceeds used for payroll costs and other designated business operating expenses in the 8 weeks following the date of loan origination (due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs)
  • All loans under this program will have the following identical features:
    • Interest rate of 1.0%
    • Maturity of 2 years
    • First payment deferred for six months
    • 100% guarantee by SBA
    • No collateral
    • No personal guarantees
    • No borrower or lender fees payable to SBA


If you would like to apply, you can start compiling the payroll costs using the following:

  • Salary, wages, commissions, or tips (capped at $100,000 on an annualized basis for each employee);
  • Employee benefits including costs for vacation, parental, family, medical, or sick leave; allowance for separation or dismissal; payments required for the provisions of group health care benefits including insurance premiums; and payment of any retirement benefit;
  • State and local taxes assessed on compensation; and
  • For a sole proprietor or independent contractor: wages, commissions, income, or net earnings from self-employment, capped at $100,000 on an annualized basis for each employee.


The new loan program will be available retroactive from Feb. 15, 2020, so employers can rehire their recently laid-off employees through June 30,2020. There are other intricacies to the program, so please review the following resources:


How the Treasury Department is Taking Action. U.S. Department of the Treasury. 3/31/2020
Paycheck Protection Program (PPP). U.S. Small Business Administration. 3/31/2020


Updated 5/18/2020

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