Paycheck Protection Program
What you need to apply:
The date you started your business
- You need to have been in business on February 15, 2020
Documentation verifying your average monthly payroll costs
- Payroll Register for the full 2019 year.
- Payroll Register for all available months in 2020
- Employee benefits including costs for vacation, parental, family, medical, or sick leave; an allowance for separation or dismissal.
- Payments required for the provisions of group health care benefits including insurance premiums; and payment of any retirement benefit
- State and local taxes assessed on compensation.
- For a sole proprietor or independent contractor: wages, commissions, income, or net earnings from self-employment, capped at $100,000 on an annualized basis for each
- Driver's License or other government issued identification of all parties involved..
If you have employees:
- All 2019 IRS Form 941s or 2019 IRS Form 944
If you are an independent contractor:
If you are self employed:
- 2019 IRS 1040 Schedule C
- 1099-MISC for each self employed owner.
How to earn loan forgiveness
You may be eligible to have all or a portion the loan principal forgiven if you use the funds for certain qualifying costs incurred and payments made for payroll, mortgage interest, rent and utilities during the first eight weeks following the date the loan is made. You will have to provide documentation.
Payroll costs are capped at $100,000 on an annualized basis for each employee. Due to the likely high subscriptions, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs. Loan payments will be deferred for 6 months. While payments are deferred, interest will continue to accrue.
Who can apply?
All businesses – including nonprofits, veterans organizations, Tribal business concerns, sole proprietorship, self-employed individuals, and independent contractors – with 500 or fewer employees can apply.
Businesses in certain industries can have more than 500 employees if they meet applicable SBA employee-based size standards for those industries (click here for additional detail).
Ready to get started?
Apply now to access the $349 billion in federal funding to help small businesses
keep workers employed amid the pandemic and economic downturn.