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How do I apply for a Paycheck Protection Program (PPP) loan?
How do I apply for a PPP loan?
Are existing borrowers eligible for PPP loan forgiveness?
Can I get a second draw PPP loan?
Paycheck Protection Program. An SBA-backed loan that helps businesses keep their workforce employed during the COVID-19 crisis. Notice: The Paycheck Protection Program (PPP) ended on May 31, 2021. Existing borrowers may be eligible for PPP loan forgiveness.
- PPP Loan Forgiveness
Where to apply for loan forgiveness. Effective March 13,...
- First Draw PPP Loan
PPP is a loan designed to provide a direct incentive for...
- Get Help With a PPP Loan
Apply for licenses and permits; Open a business bank...
- PPP Lender Information
On February 22, 2021, President Biden announced the...
- PPP Data
Apply for licenses and permits; Open a business bank...
- PPP Loan Forgiveness
May 27, 2021 · How do you apply for a PPP loan? Business owners need to fill out a PPP loan application — SBA Form 2483 for first-draw loans and SBA Form 2483-SD for second-draw loans — and gather all...
PPP – Loan Forgiveness Application and Instructions for Borrowers who Received a PPP Loan of $150,000 or Less – Form 3508S (5/24/2021) PPP – Loan Forgiveness Application and Instructions – Form 3508EZ (5/24/2021)
Apr 8, 2024 · If you had previously received a PPP and are interested in applying for forgiveness, you can do so online at the SBA PPP Direct Forgiveness Portal . What are Paycheck Protection Program (PPP) Loans?
- Changes to The PPP Program Announced by The Biden Administration
- First-Draw vs. Second-Draw Loans
- PPP third-round General Terms and Conditions
- PPP third-round Eligible Entities
- Additional Second-Draw Requirements
- Second-Draw Borrower Exclusions
- Required Certifications For PPP Loans
- Special New Set-Aside Funding
- Application Dates For A third-round PPP Loan
- Third-round PPP Application Deadline
On Feb. 22, 2021, the White House announced five changes to the Paycheck Protection Program (PPP). One change had a set term of two weeks.The other four would be effective until at least the end of March 2021. These changes were designed to make PPP funds available to very small businesses and others that had been inadequately helped by the program...
The CAA provided for two types of round three PPP loans. The first type was initial or first-draw loans up to $10 million for entities that had never received a PPP loan. The second type was second-draw loans of up to $2 million for entities that had received PPP loans. Following guidance from the U.S. Small Business Administration (SBA) and Treasu...
Both first- and second-draw PPP loans were subject (but not limited) to the same general terms and conditions as original PPP loans under the CARES Act: 1. Loans were 100% guaranteed by the government. 2. No collateral was required. 3. No personal guarantees were required. 4. The interest rate for all loans was 1% and maturity was five years.
While there were key differences between first- and second-draw PPP loans, the types of eligible entities were the same. 1. Small businesses with 500 or fewer employees (300 or fewer for second-draw loans) 2. Businesses categorized as "Accommodation or Food Services" such as restaurants and hotels with 500 or fewer employees per location (300 or fe...
Second-draw PPP loans had some restrictions that first-draw loans didn't have. Businesses couldn't receive a second-draw loan of up to $2 million unless they met the following conditions: 1. They had received and used (or expected to use) all proceeds from the first-draw loan by the time they received (or expected to receive) the second-draw loan p...
Round 3 guidelines excluded businesses from a second-draw loan if a company was: 1. Permanently closed 2. Ineligible under existing SBA regulations 3. Primarily engaged in lobbying or other political activities 4. Owned by an entity created in, or with significant operations in, the People's Republic of China or the Special Administrative Region of...
Businesses were required to certify that pandemic-related economic uncertainty made the loan request necessary to support ongoing operations and that funds would be used as required. This included using no more than 40% for non-payroll costs. This requirement applied to both first- and second-draw PPP loans.
Round three included special set-aside funding for specific groups of first- and second-draw borrowers. 1. $15 billion for lending by community financial institutions 2. $15 billion for lending by insured depository institutions, credit unions, and farm credit systeminstitutions with consolidated assets of less than $10 billion 3. $35 billion for n...
As noted above, applications for Round three first-draw PPP loans from approved community financial institutions started Mon., Jan. 11, 2021. Second-draw applications began on Wed., Jan. 13. That was followed by first- and second-draw loans from small lenders with less than $1 billion in assets on Fri., Jan. 15, 2021. All SBA 7(a) lenders were appr...
The Consolidated Appropriations Act, 2021 extended the Paycheck Protection Program through March 31, 2021 or until funds ran out. Congress extended the Paycheck Protection Program's application deadline through May 31, 2021.Once the PPP funds were exhausted by May 31, 2021, the PPP program was no longer available. The amount of funds made available...
- Jim Probasco
Visit www.sba.gov for a list of SBA lenders. Who can apply? All businesses – including nonprofits, veterans organizations, Tribal business concerns, sole proprietorships, self-employed individuals, and independent contractors – with 500 or fewer employees can apply.
