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.
Cross Program Eligibility on SBA Coronavirus Relief Options
A summary of criteria that must be met when considering different funding options
| PPP Applicant | Shuttered Venue Operators Grant Applicant | COVID-19 EIDL Applicant | |
|---|---|---|---|
| PPP Recipient | First Draw PPP borrowers may be eligible to apply for Second Draw PPP loans | May apply for SVOG if received a PPP loan prior to 12/27/20 | May apply for EIDL; PPP and EIDL can’t be used for the same purpose/costs |
| Shuttered Venue Operators Grant Recipient | Not eligible to apply for PPP loan | May be eligible to receive a supplemental SVOG award | May apply for EIDL; SVOG and EIDL can’t be used for the same purpose/costs |
| COVID -19 EIDL Recipient | May apply for PPP; EIDL and PPP can’t be used for the same purpose/costs | May apply for SVOG; EIDL and SVOG can’t be used for the same purpose/costs | The same business cannot apply for more than one EIDL |
