SBA Payment Protection Program
If your business meets the requirements below, you may be eligible to apply for a loan under the Paycheck Protection Program (PPP) administered by the U.S. Small Business Administration (SBA) with us. The PPP is a loan designed to provide a direct incentive to small businesses to keep their workers on the payroll.
*If you are a current member, your business does not need to reside in a qualifying county.
All businesses – including nonprofits, veterans organizations, Tribal business concerns, sole proprietorships, 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).
What can the loan be used for?
- Salary, wages, commissions, or tips
- Employee benefits including costs for vacation, parental, family, medical or paid sick leave
- State and local taxes accessed on compensation
- Other restrictions apply for sole proprietors or independent contractors
How much can be borrowed?
The loan amount will be based on two months of average monthly payroll costs from 2019 plus an additional 25%. The maximum amount that can be borrowed is $10 million.
Are these loans forgivable?
Yes. You can apply for loan forgiveness for proceeds used for payroll costs and other designated expenses in the eight weeks following the date of loan origination. Due to the likely high number of forgiveness requests, it's anticipated that only up to 25% of the forgiven amount may be for non-payroll costs. In addition, employee and compensation levels must be maintained in order to qualify.
Where can I find additional resources?
Details of the Paycheck Protection Program are subject to change. For additional resources visit the SBA website.
All PPP Loans will have the same features:
- Interest rate of 1.00% APR
- Two-year term
- No payment for six months
- 100% guarantee by SBA
- No collateral required
- No personal guarantees
- No borrower or lender fees payable to SBA
- Gather required documentation:
- Review the SBA PPP Overview
- Review the SBA PPP Factsheet
- Review the SBA PPP Loan and Forgiveness Worksheet to determine your maximum loan amount and verify the documention needed
- Complete the SBA's Paycheck Protection Program application
Please give us a call if you meet the following requirements:
- You've verified the business is eligible
- You have ALL applicable documentation in PDF form, including all four 2019 Form 941 Tax Returns and Form 1040 Schedule-C
Small Business Resource Center