The SBA resumed accepting Paycheck Protection Program applications from participating lenders on Monday, April 27, 2020 at 10:30am EDT.

The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.

SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.

You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program.

Frequently Asked Questions for Lenders and Borrowers (5/13/2020)

How to Calculate Loan Amounts

For affiliation rules applicable to the Paycheck Protection Program, click here.

The Interim Final Rule for Applicable Affiliation Rules for the Paycheck Protection Program as posted in the Federal Register.

Frequently Asked Questions for Faith-Based Organizations Participating in the Paycheck Protection Program and Economic Injury Disaster Loan Program

Coronavirus recovery information in languages other than English

The following entities affected by Coronavirus (COVID-19) may be eligible:

• Any small business concern that meets SBA’s size standards (either the industry based sized standard or the alternative size standard)
• Any business, 501(c)(3) non-profit organization, 501(c)(19) veterans organization, or Tribal business concern (sec. 31(b)(2)(C) of the Small Business Act) with the greater of:
  • 500 employees, or
  • That meets the SBA industry size standard if more than 500
• Any business with a NAICS Code that begins with 72 (Accommodations and Food Services) that has more than one physical location and employs less than 500 per location
• Sole proprietors, independent contractors, and self-employed persons

The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.

Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.

This loan has a maturity of 2 years and an interest rate of 1%.

If you wish to begin preparing your application, you can download a copy of the PPP borrower application form (Spanish version) to see the information that will be requested from you when you apply with a lender.

View a list of lenders participating in the Paycheck Protection Program by state as of May 12, 2020.

Paycheck Protection Program Interim Final Rules

SBA has issued the following Interim Final Rules related to the Paycheck Protection Program:

• Paycheck Protection Program
• Affiliation Rules
• Additional Eligibility Criteria and Requirements for Certain Pledges of Loans for the Paycheck Protection Program
• Promissory Notes, Authorizations, Affiliation, and Eligibility
• Seasonal Employers
• Disbursements
• Requirements – Corporate Groups and Non-Bank and Non-Insured Depository Institution Lenders
• Nondiscrimination and Additional Eligibility Criteria
• Extension of Limited Safe Harbor with Respect to Certification Concerning Need for PPP Loan Request
  • Note: This IFR is being posted in advance of publication in the Federal Register. The official version will appear in the Federal Register
• Requirements for Loan Increases for Partnerships or Seasonal Employers
  • Note: This IFR is being posted in advance of publication in the Federal Register. The official version will appear in the Federal Register

Additional Guidance for Lenders

SBA Procedural Notice on Participation Sales for Paycheck Protection Program Loans. The purpose of this Notice is to provide guidance to Lenders approved to participate in the Paycheck Protection Program regarding the sale of participating interests in PPP loans.

SBA Procedural Notice on Whole Loan Sales for Paycheck Protection Program Loans. This notice provides guidance on the procedures for completing whole loan sales of PPP loans between participating lenders. 

Lender Forms

• Paycheck Protection Program Lender Application Form
• Lender Agreement (Federally Insured Depository Institutions, Federally Insured Credit Unions, Farm Credit System Institutions)
• Lender Agreement (Non-Bank and Non-Insured Depository Institution Lenders)
• SBA Standard Loan Note (Form 147)

Lender Submission Information

If you would like to submit loan authorization requests via our the online Paycheck Protection Lender Gateway, click here and follow the steps below:

1. Create an account on SBA Connect.
2. Request authorization to the Paycheck Protection Lender Gateway by providing your FRS, FDIC, or NCUA number as well as your authorization number.
3. Proceed to the Paycheck Protection Program Lender Gateway to begin submitting loan authorization requests.

Lender Assistance

Lenders who need assistance accessing SBA's E-Tran system may call our Lender Customer Service Line at 1-833-572-0502.

Summary of Paycheck Protection Program Round 2 data as of 5:00 p.m. EDT, Wednesday, May 13, 2020.

In Round Two of the Paycheck Protection Program (April 27 - May 8, 2020), the SBA has guaranteed 2,571,167 loans. For more information on Round Two loan activity, click here.

In Round Two of the Paycheck Protection Program (April 27 - May 1, 2020), the SBA has guaranteed 2,211,791 loans For more information on Round Two loan activity, click here.

In Round One of the Paycheck Protection Program, (through April 16, 2020), the SBA guaranteed 1,661,367 loans. For more information on loan activity, click here.

Enhanced Debt Relief is also available in SBA’s other business loan programs to help small businesses overcome the challenges created by this health crisis.

For information on traditional SBA lending options, please click here.

SBA provides local assistance via 68 district offices and a nationwide network of resource partners. To find resources near you, please click here.