Organizations that have NOT received a PPP loan
First Draw PPP Loans
If you did not receive a PPP loan, there are additional PPP funds available for eligible organizations.
- Your organization must employ fewer than 500 full-time, part-time, or seasonal employees
- Your organization was operational prior to February 15, 2020 and remains operational.
- Business types allowed include: certain non-profit organizations, housing cooperatives, veterans’ organizations, Tribal businesses concerns, eligible self-employed individuals, sole proprietors, independent contractors, or small agricultural cooperatives.
The maximum amount an organization that has not already received a PPP loan can borrow is the lesser of:
- 2.5 times the average monthly payroll costs and benefit costs
- $10 million
You must maintain detailed records and documentation for these expenses in order to qualify for forgiveness.
All characteristics described above are from the Coronavirus Response and Relief Supplemental Appropriations Act. The terms and information outlined above are subject to change upon further guidance from the U.S. Small Business Administration and the U.S. government.
All loans subject to credit approval and final guidance from the SBA on the Paycheck Protection Program. Funds are limited and subject to availability.
The information provided is solely for general knowledge and does not provide any professional advice regarding tax, accounting, legal, financial, or any other professional service. PPP borrowers should contact their professional service providers for a complete understanding of the PPP program requirements and forgiveness processes.
SBA regulations regarding the PPP program are subject to further limitations and changes. Borrowers must follow current regulations and processes based on SBA guidelines. All characteristics described above are from the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act), and/or the Coronavirus Response and Relief Supplemental Appropriations Act. The terms and information outlined above are subject to change upon further rulemaking or guidance from the U.S. Small Business Administration and the U.S. government.