An SBA-backed loan that helps businesses keep their workforce employed during the COVID-19 crisis. Notice: the Paycheck Protection Program (PPP) ended on May 31, 2021. Existing borrowers may be eligible for PPP loan forgiveness. SBA also offers additional COVID-19 relief.

Can I apply both SBA loan and PPP?

Yes, you can apply for both. But you can’t use the funds from both loan programs for the same purpose. For the most updated and complete information, read the FAQs on the EIDL and FAQs on the PPP. For more information, visit The SBA has a hotline to help answer questions 1-800-659-2955, 7 days a week from 7:00a.

How does the SBA paycheck protection program work?

The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.

What is the difference between SBA loan and PPP loan?

SBA 7(a) loans have a lot more flexibility when it comes to eligible spending. PPP loans are a bit more limited, and they also have stricter requirements for full forgiveness. If you need funds to pay your employees or cover rent, then a PPP loan will be your better choice.

What is the SBA paycheck protection program?

What is the PPP loan and how is it calculated? The PPP (Paycheck Protection Program) is an emergency disaster loan program administered by the SBA designed to provide funds to small businesses with under 500 employees who were affected by the 2020 Coronavirus epidemic.

What does the Paycheck Protection Program do for You?

The Paycheck Protection Program (PPP) provides loans to help businesses keep their workforce employed during the Coronavirus (COVID-19) crisis. Borrowers may be eligible for PPP loan forgiveness.

When does the SBA offer PPP loan forgiveness?

Borrowers may be eligible for PPP loan forgiveness. SBA is currently offering PPP loans until May 31, 2021 . President Biden announced program changes to make access to PPP loans more equitable.

When to apply for Paycheck Protection Program loan forgiveness?

On October 12, 2020, the SBA released Loan Forgiveness Application (SBA Form 3508S), a simpler application for Paycheck Protection Program (PPP) loans of $50,000 or less. We encourage you to review this form and the specific guidelines outlined by SBA.