PLEASE NOTE: An additional $310 billion in funding has been released for the Paycheck Protection Program. Apply early to secure your money!
The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.
Funds are provided in the form of loans that may be forgiven when used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.
Must Keep Employees on the Payroll—or Rehire Quickly
Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.
All Small Businesses Eligible
Small businesses with 500 or fewer employees—including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors—are eligible. Businesses with more than 500 employees are eligible in certain industries.
Applying is as easy as 1,2,3
- Gather the “DOCUMENTS NEEDED TO APPLY”
- Create an account for our loan application software
- Complete a loan application
What documents do I need to apply?
- Application: Please use the online application above.
- Voided check: Please upload a voided check for the business account to be funded.
- Face page of most recent tax return: Please upload the face page of the most recent business tax return. This page should contain the taxpayer name and ID.
- IRS Form 941 (4 Quarters) or 944 (2019): If the business has employees on payroll, please upload either 4 quarters of IRS Form 941 or IRS Form 944 for 2019.
- 2019 IRS Form 1096: If the business reports payments to independent contractors via IRS form 1099 then please upload the IRS Form 1096 for 2019.
- W-2/1099: Please upload W-2/1099 Forms for all employees or contractors that receive compensation in excess of $100,000.
- 1040 Schedule C: If the business is a sole proprietorship, please upload the 1040 Schedule C to verify business net income.
- Driver’s License: Please upload the driver’s license or government issued photo ID card for the person signing on the request (otherwise referred to as “authorized representative” of the business).
- Operating Agreement/By-laws/DBA Filing: Please upload the operating agreement for your LLC or By-laws for your corporation, whichever applies. If the business is a sole proprietorship, please upload your DBA filing.