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.
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.
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
- FIRST INDEPENDENCE BANK
- FIVE STAR BANK
- HUNTINGTON BANK
- LEVEL ONE BANK
- LIVE OAK BANKING COMPANY
- NEWTEK SMALL BUSINESS FINANCE, INC.
- OXFORD BANK
- SQUARE CAPITAL
- TCF NATIONAL BANK
- THE STATE BANK
- U.S. BANK, NATIONAL ASSOCIATION (BANCORP)