Paycheck Protection Program (PPP)

What is the Paycheck Protection Program and how does it Work?

The paycheck protection program is a SBA backed loan created to provide incentive to small businesses to keep their employees on the payroll.

To qualify, you must show a 25% or more decrease in revenue. You can show this by comparing any 2020 quarter's revenue vs the same quarter in 2019.

• Up to $2,000,000 in funding
• 1.00% interest rate
• 5-year repayment term
• No lender or government fees
• No collateral or personal guarantees required
• Possible forgiveness available

What can I use the Paycheck Protection Program loan for?

At a minimum 60% of the PPP loan needs to be used for employee benefit costs, group health insurance expenses and payroll.

The other 40% can be used as for,

• Rent, lease, and mortgage payments.
• Utilities
• Software/cloud computing updates
• Accounting needs and supplies
• Expenses incurred by ensuring compliance to covid-19 employee protections. Worker protection equipment including PPE
• Supplier costs critical to business activities

How much funding should I expect to receive?

You can receive upto a maximum of 2 million dollars. Most businesses can calculate how much they will receive by multiplying their average payroll cost in 2019 by 2.5.

Seasonal employers can calculate using any 12 week period between feb. 15,2019 and feb. 15, 2020.

Food and accommodation businesses can be eligible to upto 3.5 times their average payroll costs.

What documentation do I need to have ready before I apply?

• Payroll Register - Third-party or supporting tax documents
• Drivers License
• Bank Statements - Beginning with February 2020
• A Cancelled Check - Business account where PPP funds would be deposited
• PPP Round 1 - SBA loan # and loan amount (if applicable)

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