Most common questions
What is the covered period of the Paycheck Protection Program?
2/15/2020 to 6/30/2020
How do I know if my business qualifies?
In general, businesses with less than 500 employees, that were in businesses as of February 15th, 2020 are eligible. Within the SBA Loan Calculator fill out Section 1: Eligibility to help determine if you may qualify.
What loan size do I qualify for?
Loans can be up to 2.5 times your average monthly payroll cost. Within the SBA Loan Calculator fill out Section 2: Maximum Loan Amount for an estimate of your maximum loan amount.
What is my expected forgiveness amount?
Your expected forgiveness amount is the amount of principle that a lender reasonably expects a borrower to expend during the covered period on the sum of payroll costs, payments of interest, payments on rent, and covered utility payments. For additional help estimating your forgiveness amount fill out Section 3: Loan Forgiveness within the SBA Loan Calculator.
What are my payroll costs?
Payroll costs are a sum of any payment of salary, wages or commissions (not greater than $100K prorated in 1 year), cash tip or equivalent, PTO or sick leave, severance payments, retirement benefits, health insurance premiums, and state / local tax assessed on compensation of employee. Payroll costs do not include payments to independent contractors or employees outside the US.
Who is considered an employee?
An employee is any full-time, part-time or other basis person who performs services for your company.
What is a covered loan?
A covered loan is a loan guaranteed under paragraph 36 of section 7a of the Small Business Act.
What is covered mortgage obligation?
Covered mortgage obligation is liability or mortgage that was incurred before 2/15/2020.
What is covered rent obligation?
Covered rent obligation is rent obligated under a leasing agreement in force before 2/15/2020.
What is a covered utility payment?
Covered utility payments include utility payments for electricity, gas, water, transportation, telephone or internet before 2/15/20.
How can I apply for an SBA loan?
Contact your SBA approved bank to begin the loan process.