Is a Paycheck Protection Loan (PPP) right for me?
SmartBiz Loans works with small business owners like you every day to help you apply for the funding you need. Since 2013, we’ve specialized in SBA (Small Business Administration) loans. The new round of the Paycheck Protection Program, administered by the SBA, makes continued financial support available to eligible small businesses to help keep employees and stay open safely during the COVID-19 pandemic.1
Paycheck Protection Program (PPP) Loans
The allowable uses of funds for this program have been expanded to assist small businesses in covering even more of their unexpected costs as a result of the pandemic. Whether this is your first or second PPP loan, SmartBiz can help!
What can PPP loan funds be used for?
- Payroll costs
- Insurance benefits
- Employee salaries and/or commissions
- Rent payments and/or mortgage payments
- Software or cloud computing costs for business operationsNEW
- Costs related to property damage and vandalism or looting due to public disturbances not covered by insurance or other compensationNEW
- Costs of the supply of goods that are essential to business operationsNEW
- Covered worker protection expenditures that help adapt business activities to COVID safety requirementsNEW
Who is it best for?
Businesses with less than 500 employees that are negatively impacted by the pandemic and are applying for their first PPP loan. Previous PPP loan recipients with business less than 300 employees can also qualify if they have more than a 25% drop in revenue quarter over quarter from the previous year. If you are applying for your second PPP loan, you will need to have used the full amount of funds from your first PPP loan before your second is disbursed.
How much can I borrow?
Eligible businesses can apply for as little as $2,500 or as much as $2 million. Our streamlined application will even help you calculate the allowable loan amount for your business based on your payroll information.
What are the loan terms?
PPP loans are 100% federally guaranteed and have a low interest rate of 1.00% and a term of 2 years. There is no collateral required and no repayment necessary for the first 10 months.
What documents do I need to provide?
To apply for a PPP loan, you’ll need to submit your business and personal tax returns, business bank statements, and payroll history report. If you use a payroll reporting service like ADP or Gusto, you can download their PPP reports. Also, you can easily and securely link your payroll provider account directly to your PPP Loan application.
What about loan forgiveness?
When you’re ready to apply for loan forgiveness, our integrated application uses your securely stored financial information to help ensure a fast turnaround.
Learn more about loan forgiveness ›