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Paycheck Protection Program (PPP) - Assistance for Small Businesses

Loans to USA Nonprofits, Individuals, and Small Businesses to
Help with Salary Expenses Due to the COVID-19 Pandemic

Agency Type:

Federal

Funding Source:

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U.S. Department of the Treasury

Deadline Date:

08/08/20

Description:

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Loans to USA nonprofit and veteran organizations, individuals, small businesses, and Tribal businesses to assist with salary expenses and job retention in the wake of the COVID-19/Coronavirus health crisis. Loans are intended to help organizations and self-employed individuals maintain payroll between now and the end of June 2020. Funds can be used for salaries and other payroll expenses, rent and utilities, mortgage interest, and interest on other debt secured before February 15, 2020. The Paycheck Protection Program (PPP) will be implemented by banks around the country.

GrantWatch ID#:

GrantWatch ID#: 188834

Estimated Size of Grant:

Loan amounts are 2.5 times monthly payroll expense for full-time employees up to $10 million. Salaries capped at $100,000 per employee in the calculation.

0.5% annual percentage rate; no payments or interest for 6 months, then converts to 2 year term. 100% government guaranteed, no collateral or personal guarantee required.

Loan can be forgiven if recipient keeps all employees on payroll for 8 weeks after receiving the loan and uses the funds for allowable expenses. This in effect converts the loan to a general operating grant.

Additional Eligibility Criteria:

Small businesses with 500 or fewer employees—including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors—are eligible. Businesses with more than 500 employees are eligible in certain industries.

Pre-Application Information:

Starting April 3, 2020, small businesses and sole proprietorships can apply. Starting April 10, 2020, independent contractors and self-employed individuals can apply. The deadline to apply has been extended to August 8, 2020.

Applicant should contact their bank to find out if they are an approved SBA lender or a federally insured deposit institution or credit union participating in the program.

The PPP will be administered through the Small Business Administration (SBA) and implemented by banks around the country that are already approved as SBA lenders as well as other banks and credit unions who opt in to the program.

Instructions: https://www.sba.gov/funding-programs/loans/paycheck-protection-program-ppp

Contact Information:

Before starting your grant application, please review the funding source's website listed below for updates/changes/addendums/conferences/LOIs.

To find a bank in your area, use the SBA Lender Match tool: https://www.sba.gov/funding-programs/loans

URL for Full Text (RFP):

Geographic Focus:

USA: Alabama;   Alaska;   Arizona;   Arkansas;   California;   Colorado;   Connecticut;   Delaware;   Florida;   Georgia;   Hawaii;   Idaho;   Illinois;   Indiana;   Iowa;   Kansas;   Kentucky;   Louisiana;   Maine;   Maryland;   Massachusetts;   Michigan;   Minnesota;   Mississippi;   Missouri;   Montana;   Nebraska;   Nevada;   New Hampshire;   New Jersey;   New Mexico;   New York City;   New York;   North Carolina;   North Dakota;   Ohio;   Oklahoma;   Oregon;   Pennsylvania;   Rhode Island;   South Carolina;   South Dakota;   Tennessee;   Texas;   Utah;   Vermont;   Virginia;   Washington, DC;   Washington;   West Virginia;   Wisconsin;   Wyoming

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