Submit Your Application NOW for SBA PPP Loan Funding!

The Paycheck Protection Program (PPP) is an SBA disaster loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis. It is designed to provide a direct incentive for small businesses to keep their workers on the payroll.

The loan will be fully forgiven if at least 75% the funds are used for payroll costs. The remainder can be used for interest on mortgages, rent, and utilities. Loan payments will be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.  This loan has a maturity of 2 years and an interest rate of 1%.

General Documents Needed

• Driver’s License for all owners with 20%+ share in the business: A color copy of the front and back of a valid Driver’s License for each owner. Make sure to double-check that the Driver’s License is not expired.
• Acceptable Payroll Documents (listed in order of the SBA’s seeming preference):

For businesses applying for a PPP Loan:

• 941 Quarterly Tax Filings (2019, 2020 Q1)
• 944 Annual Tax Filings (2019)
• Payroll Register for the previous 12 months
• 12 months most recent bank statements

For 1099 Independent Contractors or self-employed individuals applying for a PPP loan:

• IRS 1040 Schedule C
• 1099s (under which you were paid)
• Income and expense reports for 2019

For all applicants:

• Business account bank statements
• Any other document that can prove your payroll expenses

The Paycheck Protection Program is available through our commercial lending affiliate right now and will only be available through June 30, 2020.