Congress has passed the Emergency Coronavirus Relief Act, including a $285 billion extension to the Paycheck Protection Program.
No Payments for
Loans Up to
$2 Million for Second Draw customers
Interest Rates as low as
Frequently asked questions
- How much of a decline in business must I demonstrate to be eligible for PPP?
- To be eligible you must show at least a 25% reduction in gross revenue in any 3-month period (quarter) of 2020 relative to the same period in 2019.
- What is the easiest way to prove financial hardship for PPP?
- Businesses can submit a completed 2020 tax return relative to 2019 to substantiate the 25% decline needed to be eligible.
- I have a seasonal business - am I still eligible for PPP?
- Yes. The business must have been in operation on February 15th, 2020 or for at least 2 months between February 15th 2020 and June 30th 2020.
- What time period should I use to calculate Payroll Costs?
- Merchants should use aggregate payroll costs from the previous 12 months or from the full 2019 calendar year.
- Who is responsibile for calculating payroll costs?
- The customer is fully responsible for submitting accurate payroll figures and records to the lender. The customer should reference payroll records from the eligible prior period.
- Should my payroll costs account for federal taxes when calculating payroll?
- Payroll costs should be accounted on the gross amount with no subtractions for taxes or federal insurance contributions (FICA).