Paycheck Protection Program (PPP)

Many small and mid-sized business owners have had their livelihoods severely impacted by the unexpected global pandemic. Although the government has extended the Paycheck Protection Program (PPP), many business owners are unclear if they qualify or how to actually claim the funds they may be entitled to. We're here to help!

(Zero credit check. Zero collateral. Zero commitment.)

Who Qualifies for this program?

Reduction in Revenue

A business must have experienced at least a 25% reduction in revenue during any quarter of 2020.

Number of Employees

Businesses that employ less than 500 people may be eligible to qualify for the loan program.

Time in Business

Businesses that have been open and operating before February 15, 2020 are able to participate.

How do you get started with this program?

Getting started with this program is as easy as filling out our application and having a quick phone call. From there, we’ll ask you for some basic information and login credentials to get started with the heavy lifting.

Click here to start your Paycheck Protection Program loan application.

Items you'll need:

Paycheck Protection Program FAQs

What is the Paycheck Protection Program?

The Paycheck Protection Program(“PPP”) authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis.

Who can apply?

Small businesses and sole proprietorships can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders. Independent contractors and self-employed individuals can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.

When can I apply?

Congress has recently extended the deadline for PPP loan applications until May 31, 2021.

What do I need to apply?

You will need to complete and submit the Paycheck Protection Program loan application with the required documentation to the American Small Business Advisory or another approved lender.

What supporting documents do I need to include with my application?

All you need is to provide us with a bit of payroll documentation. Don’t worry, we’ll walk you through the process.

Do I need to first look for other funds before applying to this program?

No. The usual SBA requirement that you try to obtain some or all of the loan funds from other sources has been waived.

How long will this program last?

The program is only open until May 31, 2021, so we encourage you to apply as quickly as possible. There is a funding cap and we need time to process your loan.

What can I use these loans for?

You should use the proceeds from these loans on your: Payroll costs, including benefits; Interest on mortgage obligations, incurred before February 15, 2020; Rent, under lease agreements in force before February 15, 2020; and Utilities, for which service began before February 15, 2020.

What counts as payroll costs?

Payroll costs include: Salary, wages, commissions, or tips (capped at $100,000 on an annualized basis for each employee); Employee benefits including costs for vacation, parental, family, medical, or sick leave; allowance for separation or dismissal; payments required for the provisions of group health care benefits including insurance premiums; and payment of any retirement benefit; State and local taxes assessed on compensation; and for a sole proprietor or independent contractor: wages, commissions, income, or net earnings from self-employment, capped at $100,000 on an annualized basis for each employee.

Does the PPP cover paid sick leave?

Yes, the PPP covers payroll costs, which include employee benefits such as costs for parental,family, medical, or sick leave. However, it is worth noting that the CARES Act expressly excludes qualified sick and family leave wages for which a credit is allowed under sections 7001 and 7003 of the Families First Coronavirus Response Act (FFCRA) (Public Law 116–127).

How large can my loan be?

Loans can be for up to two months of your average monthly payroll costs from the last year plus an additional 25% of that amount. That amount is subject to a $10 million cap. If you are a seasonal or new business, you will use different applicable time periods for your calculation. Payroll costs will be capped at $100,000 annualized for each employee.

Does the PPP cover paid sick leave?

Yes, the PPP covers payroll costs, which include employee benefits such as costs for parental,family, medical, or sick leave. However, it is worth noting that the CARES Act expressly excludes qualified sick and family leave wages for which a credit is allowed under sections 7001and 7003 of the Families First Coronavirus Response Act (FFCRA) (Public Law 116–127).

How much of my loan will be forgiven?

You will owe money when your loan is due if you use the loan amount for anything other than payroll costs, mortgage interest, rent, and utilities payments over the 8 weeks after getting the loan. Due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs. You will also owe money if you do not maintain your staff and payroll. Number of Staff: Your loan forgiveness will be reduced if you decrease your full-time employee headcount.

How can I request loan forgiveness?

You can submit a request to us. The request will include documents that verify the number of full-time equivalent employees and pay rates, as well as the payments on eligible mortgage, lease, and utility obligations. You must certify that the documents are true and that you used the forgiveness amount to keep employees and make eligible mortgage interest, rent, and utility payments.The lender must make a decision on the forgiveness within 60 days.

What are the loan terms?

All loans carry a 1.00% fixed rate. All payments are deferred for 6 months; however, interest will continue to accrue over this period. All loans are due In 2 years, with no prepayment penalty. No collateral or personal guarantee is required. *However, if the proceeds are used for fraudulent purposes, the U.S. government will pursue criminal charges against you.*

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 will provide 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 we 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.

Not sure if you qualify or if the PPP loan is right for you? Explore additional loan options...

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