Paycheck Protection Program
The following is information on the Paycheck Protection Program (PPP), implemented by the Small Business Administration (SBA) in coordination with the U.S. Department of the Treasury.
Information for Lenders:
- All existing SBA-certified lenders can process PPP loans.
- All federally insured institutions are eligible to participate.
- Loans are 100% guaranteed by the SBA.
- All SBA guaranty fees, including upfront and annual servicing fees, are waived.
- New lenders will need to submit their application to DelegatedAuthority@sba.gov to apply with the SBA using the Paycheck Protection Program New Lender Application Form.
- The U.S. Department of Treasury created an information sheet for lenders.
- Sample Promissory Note for lenders
- SBA Portal to Submit Loan Authorization Requests
- Hotline for Tech Support Issues: 888-572-0502
Information for Borrowers:
- Find Eligible Lenders
- Paycheck Protection Program Borrower Application Form
- The U.S. Department of the Treasury created a fact sheet for borrowers
FDIC Alert for Small Business Owners Interested in Applying for the Paycheck Protection Program
- The U.S. Chamber of Commerce created a small business guide to the Paycheck Protection Program that contains a lot of very helpful information for small businesses regarding the program, including:
- Eligibility requirements
- Information on the information lenders will require (which largely consists of a good faith certification that certain qualifications are met)
- Borrowing limits
- Eligibility for loan forgiveness
- FAQs Regarding Participation of Faith-Based Organizations in the PPP
- U.S. Department of the Treasury FAQs