Paycheck Protection Loan Program (PPP)

Small Business Administration

The Paycheck Protection Program established by the CARES Act is implemented by the Small Business Administration with support from the Department of the Treasury. The effective period began March 27, 2020 through August 8, 2020. The Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act (Economic Aid Act) enacted on December 27, 2020, provided appropriations through May 31, 2021 or until funds are expended, for the PPP loan program. SBA reopened the Paycheck Protection Program (PPP

Jargon-free version

Helps small businesses get loans to cover expenses like payroll and rent. The loans can be forgiven if certain conditions are met.

Quick Facts

Funding
$5 - $9,999,999,999
Deadline
Rolling
Status
Rolling Intake
Category
Business Financing & Capital
Organization
Small Business Administration

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What Is This Program?

Eligible small entities, that together with their affiliates (if applicable), have 500 or fewer employeesโ€”including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractorsโ€”can apply. Entities with more than 500 employees in certain industries that meet SBAโ€™s alternative size standard or SBAโ€™s size standards for those particular industries can also apply. A borrower is generally eligible for a Second Draw PPP Loan if the borrower: Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses; has no more than 300 employees; and can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.

What Benefits Are Offered?

loanfunding

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๐Ÿ† Detailed Application Guide

๐Ÿ“‹What Are the Application Steps & Timeline?

๐Ÿ“Steps to Apply
  • Log in to the SBA Loan Portal
  • Select the loan you want to pay
  • Choose payment type (one-time or recurring)
  • Enter payment information
  • Confirm payment
๐ŸŒApplication Portal
http://www.sba.gov/funding-programs/loans/make-payment-sba
๐Ÿ“คSubmission Method
online
๐Ÿ”„Intake Type
rolling

๐Ÿ“„What Documents Are Required?

โœ…Required Documents
  • SF-424 (Application for Federal Assistance)
  • SF-424A (Budget Information - Non-Construction)
  • SF-424B (Assurances)
  • Project Narrative
  • Budget Narrative
๐Ÿ“Format Requirements
PDF only, max 10MB

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๐Ÿ’ฐWhat Expenses Are Eligible?

๐ŸงพEligible Expenses
  • payroll costs
  • interest on mortgage obligations
  • rent
  • utilities
  • covered operations expenses
๐ŸšซIneligible Expenses
  • compensation to employees whose principal place of residence is outside the U.S.
  • taxes imposed or withheld under the Federal Insurance Contributions Act (FICA)
  • qualified sick leave wages
  • qualified family leave wages
๐Ÿ“Expense Caps
none
๐Ÿ’ณPayment Model
mixed
โชRetroactive Expenses Eligible
Yes

๐ŸคIs Matching Funding Required?

๐Ÿ”€Matching Required
No
๐Ÿ“šStacking Rules
PPP loans can be combined with other government funding.

๐Ÿ“ŠWhat Are the Reporting Requirements?

๐Ÿ—“๏ธReporting Frequency
null
๐Ÿ“‘Reporting Requirements
  • SF-425 Federal Financial Report
  • performance progress report
๐Ÿ”Audit Requirements
OMB Uniform Guidance Single Audit if the recipient expends $750,000 or more in federal awards.
๐Ÿ“ขBranding Requirements
null
๐Ÿ—„๏ธRecord Retention Period
3 years post-final-report

How Do I Apply?

Dianna.Seaborn@sba.gov
(202) 205-3645

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FAQFrequently Asked Questions

Visit the program page for detailed eligibility requirements.

This program offers funding up to $9,999,999,999 (minimum $5).

This program accepts applications on a rolling basis.

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