News

The Paycheck Protection Program (PPP) First and Second Draw Loan application deadline is May 31, 2021. Eligible businesses may receive funds to pay up to eight weeks of payroll (including benefits).

 

What is the Paycheck Protection Program?

The Paycheck Protection Program provides businesses with funds to:

• pay up to eight weeks of payroll costs (including benefits),
• pay mortgage interest, rent, utilities, worker protection costs related to COVID-19, and
• pay for other qualifying expenses.

Eligibility: View First Draw and Second Draw PPP Loan eligibility criteria.

Application Period

PPP Loan applications must be submitted by May 31, 2021. Find an eligible lender.

• First Draw Borrower Application Form
• Second Draw Borrower Application Form
• Calculate Maximum Loan Amount (First Draw) (Second Draw)
• Additional Documents and Resources

PPP Loan Forgiveness Terms

Businesses may be eligible for PPP Loan forgiveness if they meet the following terms during the eight- to 24-week covered period after loan disbursement:

• employee and compensation levels are maintained,
• the loan proceeds are spent on payroll costs and other eligible expenses, and
• at least 60% of the proceeds are spent on payroll costs.

Forgiveness Timeline: Businesses can apply for forgiveness once all loan proceeds for which the borrower is requesting forgiveness have been used. If applications are not submitted within 10 months after the last day of coverage, PPP Loan payments will no longer be deferred.

Learn More: Visit the U.S. Small Business Administration (SBA) website to learn more.

More Information

For more information, visit the U.S. Small Business Administration (SBA) website or view this FAQ for Lenders and Borrowers.