The Paycheck Protection Program resumed accepting applications July 6, 2020, at 9:00 AM EDT in response to President signing the program’s extension legislation. The new deadline to apply for a Paycheck Protection Program loan is August 8, 2020.
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 employee retention criteria are met, and the funds are used for eligible expenses. Click here to read more about PPP loan forgiveness.
How To Apply
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. View a list of lenders participating in the Paycheck Protection Program by state.
If you wish to begin preparing your application, you can download a copy of the PPP borrower application form (revised June 24, 2020) to see the information that will be requested from you when you apply with a lender.
- Frequently Asked Questions for Lenders and Borrowers (06/25/2020)
- How to Calculate Loan Amounts (06-26-20)
- Frequently Asked Questions for Faith-Based Organizations Participating in the Paycheck Protection Program and Economic Injury Disaster Loan Program
Eligible small businesses, private non-profits and agricultural businesses may apply for the Economic Injury Disaster Loan here.
In response to the Coronavirus (COVID-19) pandemic, small businesses, including agricultural businesses, and non-profit organizations in all U.S. states, Washington D.C., and territories can apply for an Economic Injury Disaster Loan (EIDL). The EIDL program is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue due to COVID-19. EIDL proceeds can be used to cover a wide array of working capital and normal operating expenses, such as continuation to health care benefits, rent, utilities, and fixed debt payments.
On June 15, SBA resumed accepting new Economic Injury Disaster Loan (EIDL) applications from all qualified small businesses, including agricultural businesses, and non-profit organizations.
EIDL Advance Discontinued
Note: All available funds for the EIDL Advance program have been allocated. By law, SBA is not able to issue EIDL Advances once program funding has been obligated and is no longer available. EIDL loan applications will still be processed even though the Advance is no longer available.
A helpful checklist is available to help prepare prior to making an application: CHECKLIST
Small Business Funding Application Help Line
Trained experts from the organizations will help guide businesses, nonprofit leaders and self-proprietors seeking assistance through the programs including the Coronavirus Aid, Relief, and Economic Security (CARES) Act, passed by Congress on March 27, 2020, which is intended to assist business owners with their needs during the COVID-19 emergency.
Business owners may call (563) 588-3350 between 8:30 a.m. – 4 p.m., Monday through Friday, or email at email@example.com.