Paycheck Protection Program

Notice: Paycheck Protection Program

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.

In order to reach the smallest businesses, SBA will offer PPP loans to businesses with fewer than 20 employees and sole proprietors only from Wednesday, February 24 through Wednesday, March 10, 2021. President Biden has also announced additional program changes to make access to PPP loans more equitable.

1. Find a lender:

2. Identify a loan:

  • First Draw PPP Loans: If you have not received a PPP loan before, First Draw PPP Loans are available to you.
  • Second Draw PPP Loans: If you have previously received a PPP loan, certain businesses are eligible for a Second Draw PPP Loan.

SBA also offers additional Coronavirus relief.

An SBA-backed loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis.

https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program


COVID-19 Economic Injury Disaster Loans

This loan provides economic relief to small businesses and nonprofit organizations that are currently experiencing a temporary loss of revenue.

https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/covid-19-economic-injury-disaster-loans


Cross Program Eligibility on SBA Coronavirus Relief Options

A summary of criteria that must be met when considering different funding options

 PPP ApplicantShuttered Venue Operators Grant ApplicantCOVID-19 EIDL Applicant
PPP RecipientFirst Draw PPP borrowers may be eligible to apply for Second Draw PPP loansMay apply for SVOG if received a PPP loan prior to 12/27/20May apply for EIDL; PPP and EIDL can’t be used for the same purpose/costs
Shuttered Venue Operators Grant RecipientNot eligible to apply for PPP loanMay be eligible to receive a supplemental SVOG awardMay apply for EIDL; SVOG and EIDL can’t be used for the same purpose/costs
COVID -19 EIDL RecipientMay apply for PPP; EIDL and PPP can’t be used for the same purpose/costsMay apply for SVOG; EIDL and SVOG can’t be used for the same purpose/costsThe same business cannot apply for more than one EIDL

https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/cross-program-eligibility-sba-coronavirus-relief-options

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