This is a difficult time for our local businesses. Below is information about the SBA Paycheck Protection Program that has been established to help employees maintain payroll during the COVID-19 crisis.


Download the SBA Interim Final on Payroll (PDF)

Download the Paycheck Protection Program Application (PDF)


PROGRAM OVERVIEW

  • Must apply by June 30, 2020
  • Loan amount can be up to 2.5x borrower’s average monthly payroll costs or up to $10 million
  • No collateral or personal guarantees required
  • No payments required for up to one year
  • Loan forgiveness available for borrower who’s loan proceeds are applied to eligible payroll costs, mortgage interest, payments on rent and utilities during the 8 week period following loan origination

HOW CAN THE PROGRAM BE USED?

Working Capital Costs, Which Include:

  • Payroll costs, rent payments, interest payments, and utilities
  • Cost related to the continuation of group health care benefits during periods of paid sick, medical, or family leave and insurance premiums
  • Refinance of an SBA Disaster Loan (EIDL) that was made between the period of January 31, 2020 and the date of the loan application for the PPL loan

DO I QUALIFY?

  • Must have been in operation on February 15, 2020 and had employees for whom salaries and payroll taxes were paid or independent contractors
  • Businesses and 501(c)(3) organizations with fewer than 500 employees, and certain industries with more than 500 employees
  • Sole proprietors, independent contractors, and self-employed individuals may be eligible

This is a difficult time for our local businesses. Below is information about the SBA Paycheck Protection Program that has been established to help employees maintain payroll during the COVID-19 crisis.


Download the SBA Interim Final on Payroll (PDF)

Download the Paycheck Protection Program Application (PDF)


PROGRAM OVERVIEW

  • Must apply by June 30, 2020
  • Loan amount can be up to 2.5x borrower’s average monthly payroll costs or up to $10 million
  • No collateral or personal guarantees required
  • No payments required for up to one year
  • Loan forgiveness available for borrower who’s loan proceeds are applied to eligible payroll costs, mortgage interest, payments on rent and utilities during the 8 week period following loan origination

HOW CAN THE PROGRAM BE USED?

Working Capital Costs, Which Include:

  • Payroll costs, rent payments, interest payments, and utilities
  • Cost related to the continuation of group health care benefits during periods of paid sick, medical, or family leave and insurance premiums
  • Refinance of an SBA Disaster Loan (EIDL) that was made between the period of January 31, 2020 and the date of the loan application for the PPL loan

DO I QUALIFY?

  • Must have been in operation on February 15, 2020 and had employees for whom salaries and payroll taxes were paid or independent contractors
  • Businesses and 501(c)(3) organizations with fewer than 500 employees, and certain industries with more than 500 employees
  • Sole proprietors, independent contractors, and self-employed individuals may be eligible