Paycheck Protection Program

The Paycheck Protection Program (PPP), is an SBA loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis.
SBA, in consultation with the U.S. Treasury Department, will open the Paycheck Protection Program loan portal on Monday, January 11, 2021 at 9 am ET.  When the PPP loan portal system opens, it will initially accept First Draw PPP loan applications from participating CFIs, which include Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), Certified Development Companies (CDCs), and Microloan Intermediaries.

​Second draw applications will be accepted on Wednesday, January 13, 2021.

You can apply for the PPP loan by filling out the borrower application forms on the SBA website. 

Loan Details
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.
SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses.

• PPP loans have an interest rate of 1%.
• Loans issued prior to June 5 have a maturity of 2 years. Loans issued after June 5 have a maturity of 5 years.
• Loan payments will be deferred for borrowers who apply for loan forgiveness until SBA remits the borrower's loan forgiveness amount to the lender. If a borrower does not apply for loan forgiveness, payments are deferred 10 months after the end of the covered period for the borrower’s loan forgiveness (either 8 weeks or 24 weeks).
• No collateral or personal guarantees are required.
• Neither the government nor lenders will charge small businesses any fees.

​Who Can Apply
The following entities affected by Coronavirus (COVID-19) may be eligible:

• Any small business concern that meets SBA’s size standards (either the industry based sized standard or the alternative size standard)
• Sole proprietors, independent contractors, and self-employed persons
• Any business with a NAICS Code that begins with 72 (Accommodations and Food Services) that has more than one physical location and employs less than 500 per location
• Any business, 501(c)(3) non-profit organization, 501(c)(19) veterans organization, or Tribal business concern (sec. 31(b)(2)(C) of the Small Business Act) with the greater of:
  • 500 employees, or
  • That meets the SBA industry size standard if more than 500