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SBA Paycheck Protection Program

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The Paycheck Protection Program (PPP) provides small businesses with funds to pay up to 24 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.

  • Fully Forgiven Funds are provided in the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll).
  • Loan payments will also be deferred for six months.
  • No collateral or personal guarantees are required.
  • Neither the government nor lenders will charge small businesses any fees.
  • Must keep employees on the payroll or rehire quickly
  • Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels.
  • Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.
  • Eligible small businesses with 500 or fewer employees including nonprofits, veterans’ organizations, tribal concerns, self-employed individuals, sole proprietors, and independent contractors are eligible for the program.
  • Businesses with more than 500 employees are eligible in certain industries.

When to Apply

Starting April 3, 2020, small businesses and sole proprietors can apply. Starting April 10, 2020, independent contractors and self-employed individuals can apply. We encourage you to apply as quickly as you can because there is a funding cap.

How to Apply

You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating.

All loans will have the same terms regardless of lender or borrower. A list of participating lenders as well as additional program information can be found at  The Paycheck Protection Program is implemented by the Small Business Administration with support from the Department of the Treasury. Lenders should also visit or for more information.

Here is the application Paycheck-Protection-Program-Application-3-30-2020-v3[7053]

Guidance Regarding Loan Forgiveness from the National Law Review

Guidance on Loan Forgiveness from Baker Tilly June 4, 2020