Paycheck Protection Program (PPP)

What is the Paycheck Protection Program (PPP)?

A new $350 billion loan program at SBA for small businesses, self employed, and gig workers to help them from going under due to the COVID-19 pandemic. If employers maintain payroll, the loans would be forgiven.

Paycheck Protection Program

Who is Eligible for the Paycheck Protection Program (PPP)?

  • Any business concern, nonprofit organization, veteran’s
    organization, or Tribal business concern that employs no more than 500 employees (or the size standard in number of employees established by the Administration for the industry in which such business operates)
  • Sole proprietors
  • Independent contractors
  • Self-employed individuals

CARES Act PPP

How Does the Process Work?

All current 7(a) lenders are eligible lenders. Plus, the Department
of Treasury will authorize new lenders to help expedite the processing
and delivery of capital to small businesses.

 

How Can I Apply?

SBA’s Lender Match Portal

Interested borrowers are also encouraged to inquire with a local 7(a) lender regarding whether they are participating in the PPP.
COVID-19 Disaster Loan Application.

Apply for Cares act PPP

How Much?

The size of the loan is 250% of an employer’s average monthly payroll
cost during the period Feb. 15, 2019 to June 30, 2019 , capped at $10
million.

CARES Act How Much

How Can I Use It?

  • Employee compensation, including: salaries, wages, commissions, or
    similar compensation; cash tips or equivalents; vacation, parental,
    family, medical, or sick leave; payment required for providing group
    health care benefits (including insurance premiums); payment of
    retirement benefits; and payroll taxes.
  • Any compensation or income of a sole proprietor or independent contractor no greater than $100,000 in one year.
  • Payment of interest on mortgage obligations, rent, utilities, and interest on pre-existing debt obligations

How can I use the CARE Act PPP

Why a PPP Loan?

  • Employee compensation, including: salaries, wages, commissions, or
    similar compensation; cash tips or equivalents; vacation, parental,
    family, medical, or sick leave; payment required for providing group
    health care benefits (including insurance premiums); payment of
    retirement benefits; and payroll taxes
  • Any compensation or income of a sole proprietor or independent contractor no greater than $100,000 in one year./li>
  • Payment of interest on mortgage obligations, rent, utilities, and interest on pre-existing debt obligations.

Why a PPP Loan


EIDL Grants – Economic Injury Disaster Loans

What is an Economic Injury Disaster Loan (EIDL)?

A low-interest, fixed rate loan that can provide up to $2 million in
assistance for small businesses that can be used to pay immediate
expenses during an emergency.

EIDL Grants

 

What is an EIDL Grant?

The CARES Act creates a new $10 billion grant program, leveraging
SBA’ s Office of Disaster Assistance Infrastructure, to provide small
businesses with quick, much-needed capital.

what is an eidl grant

Who Is Eligible?

  • Private nonprofit organizations, small agricultural cooperatives.
  • Businesses; cooperatives; ESOPs; and tribal business concerns with 500 or fewer employees.
  • Independent contractors
  • Sole proprietors (whether or not self-employed)

Who is eligible for an EIDL grant loan

How does the process work?

  • Eligible applicants who apply for an EIDL may request up to $10,000 be immediately disbursed. The amount need not be repaid, regardless of the loan decision.
  • EIDL borrowers may apply for the Paycheck Protection Program, but
    when determining loan forgiveness, the advance EIDL grant is taken into
    consideration. 

How can I apply?

There are a couple of ways to apply. The SBA has an online portal where small businesses can upload documents and apply for a loan, or they can download the PDF on the agency’s website and mail the forms.

 

How Much Can I Receive from an Economic Injury Disaster Loan?

A million small businesses are eligible to receive up to $10,000.
EIDL Grants loans AZ business

How long will the SBA process take?

The legislation requires SBA to disburse the funds within three days of receiving the application.

How Can an Economic Injury Disaster Loan (EIDL) Be Used?

  • Any allowable purpose under the EIDL program.
  • Provide paid sick leave, maintain payroll, and meet increased costs.
  • Make rent or mortgage payments, and repaying unmet obligations.

Click to download the CARES Flow Chart