Search form

PPP Application Form Now Available

[March 31] Additional information has been shared as the U.S. Small Business Administration (SBA) rolls out the Paycheck Protection Program (PPP) with funds allocated through the CARES Act. The following is information from the U.S. Treasury Department and the SBA regarding the PPP. 

PAYCHECK PROTECTION PROGRAM LOAN

  • Paycheck Protection Program Application Form – According to the SBA, lenders may begin processing loan applications as soon as April 3, 2020. Access the loan application HERE. 

U.S. DEPARATMENT OF TREASURY OVERVIEW  - access the FACT SHEET

IMPORTANT UPDATES INCLUDE:

  • It is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs.
  • Starting April 3, 2020, small businesses and sole proprietorships can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.
  • Starting April 10, 2020, independent contractors and self-employed individuals can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.
  • Other regulated lenders will be available to make these loans as soon as they are approved and enrolled in the program.

BORROWER INFORMATION - access the BORROWER FACT SHEET 

IMPORTANT UPDATES INCLUDE: 

  • The application for borrowers can be found HERE 
  • It is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs.
  • Starting April 3, 2020, small businesses and sole proprietorships can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.
  • Starting April 10, 2020, independent contractors and self-employed individuals can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.
  • You will be required to provide payroll documentation.
  • It is a 1.0% fixed rated and all payments are deferred for six months, however interest will continue to accrue over this period – the loan will be due in two years.
  • No collateral or personal guarantee is required.
  • What do I need to certify?As part of your application, you need to certify in good faith that:
    • Current economic uncertainty makes the loan necessary to support your ongoing operations.
    • The funds will be used to retain workers and maintain payroll or to make mortgage, lease, and utility payments.
    • You have not and will not receive another loan under this program.
    • You will provide to the lender documentation that verifies the number of full-time equivalent employees on payroll and the dollar amounts of payroll costs, covered mortgage interest payments, covered rent payments, and covered utilities for the eight weeks after getting this loan.
    • Loan forgiveness will be provided for the sum of documented payroll costs, covered mortgage interest payments, covered rent payments, and covered utilities. Due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs.
    • All the information you provided in your application and in all supporting documents and forms is true and accurate. Knowingly making a false statement to get a loan under this program is punishable by law.
    • You acknowledge that the lender will calculate the eligible loan amount using the tax documents you submitted. You affirm that the tax documents are identical to those you submitted to the IRS. And you also understand, acknowledge, and agree that the lender can share the tax information with the SBA’s authorized representatives, including authorized representatives of the SBA Office of Inspector General, for the purpose of compliance with SBA Loan Program Requirements and all SBA reviews.

LENDER INFORMATION - access the LENDER FACT SHEET

IMPORTANT UPDATES INCLUDE: 

  • All existing SBA-certified lenders will be given delegated authority to speedily process PPP loans.
  • All federally insured depository institutions, federally insured credit unions, and Farm Credit System institutions are eligible to participate in this program.
  • A broad set of additional lenders can begin making loans as soon as they are approved and enrolled in the program. New lenders will need to submit their application to DelegatedAuthority@sba.gov to apply with the SBA.
  • the SBA guarantees 100% of the outstanding balance, and that guarantee is backed by the full faith and credit of the United States.
  • The SBA waives all SBA guaranty fees, including the upfront and annual servicing fees. Processing fees will be based on the balance of the financing outstanding at the time of final disbursement:
    • Loans $350,000 and under: 5.00%
    • Loans greater than $350,000 to $2 million: 3.00%
    • Loans greater than $2 million: 1.00%
    • Lenders may not collect any fees from the applicant
  • PPP loans can be sold in the secondary market. The SBA will not collect any fee for any guarantee sold into the secondary market.

 Please bookmark the AAO-HNS Coronavirus Disease 2019: Resources webpage for access to information and resources.