Coronavirus

Paycheck Protection Program Phase 2 is now open for applications

PPP
An SBA loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis.

Notice: PPP Resumes April 27, 2020

Paycheck Protection Program Loan Information

The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.

SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.

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 in the program.

Frequently Asked Questions for Lenders and Borrowers (04/26/2020)

For affiliation rules applicable for the Paycheck Protection Program, click here.

The Interim Final Rule for Applicable Affiliation Rules for the Paycheck Protection Program as posted in the Federal Register.

Frequently Asked Questions for Faith-Based Organizations Participating in the Paycheck Protection Program and Economic Injury Disaster Loan Program

Find Eligible Paycheck Protection Program Lenders

How to Calculate Loan Amounts by Business Type

Paycheck Protection Program

The demand for the Paycheck Protection Program is very high. Latino Press and New Michigan media are here to help if you have additional questions. You might call Latino Press office at 313-361-3000.

Who Can Apply

Small businesses, Self-employed with and without employees, Partnerships, S and C Corporations and Non-Profits

The following entities affected by Coronavirus (COVID-19) may be eligible:

  • Any small business concern that meets SBA’s size standards (either the industry based sized standard or the alternative size standard)
  • Any business, 501(c)(3) non-profit organization, 501(c)(19) veterans organization, or Tribal business concern (sec. 31(b)(2)(C) of the Small Business Act) with the greater of:
    • 500 employees, or
    • That meets the SBA industry size standard if more than 500
  • Any business with a NAICS Code that begins with 72 (Accommodations and Food Services) that has more than one physical location and employs less than 500 per location
  • Sole proprietors, independent contractors, and self-employed persons

How it works

  • Ensure you have key information about your business readily available. This includes;
    • EIN Number (or, if a sole-proprietor without an EIN, your SSN)
    • The legal name and operating name (doing business as) of your business.
    • Full name, home address, title, and ownership percentage of each owner of this business with greater than 20% ownership.
    • Be ready to input the required payroll information to calculate your loan amount.
    • If you have obtained an Economic Injury Disaster Loan (or an advance on an EIDL) on or after January 31, 2020 please have that information ready – you will need to identify the amount of the proceeds of that loan that you have spent on payroll costs.
    • IRS form 940 (annual payroll tax filing form) and other documentation to substantiate the payroll figures you enter in this application (failure to provide documentation to substantiate payroll will result in an inability to approve your loan).
    • If the Business or any of its owners, own or have significant responsibilities over day-to-day operations of another business, have a listing of such businesses with a description of the relationship.

Consider these steps as you ready your business for potential funding:

  • If you have an existing lender, contact them as soon as possible and start a PPP application
  • If you don’t have a lender, these sources are working to process PPP applications quickly:

THESE LENDERS ARE ACCEPTING NEW CUSTOMERS

THESE LENDERS REQUIRE AN EXISTING ACCOUNT

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