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Loans to USA Nonprofits, Individuals, and Small Businesses to Encourage Job Retention During the COVID-19 Pandemic

ELIGIBILITY:

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Paycheck Protection Program (PPP) - Assistance for Small Businesses

U.S. Department of the Treasury - Small Business Administration


Agency: Federal

GrantWatch ID #188834

Grant Description

Loans to USA small businesses, nonprofit and veterans organizations, individuals, Tribal businesses, and faith-based organizations to assist with salary expenses and job retention during the Coronavirus (COVID-19) health crisis. Eligible uses of funds include costs related to payroll and benefits. Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations. Borrowers may be eligible for PPP loan forgiveness.

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Eligibility:

  • Others (see text field entitled "Additional Eligibility Criteria" for clarification)

Additional Eligibility Criteria:

The following entities affected by Coronavirus (COVID-19) may be eligible:
- Any small business concern that meets SBA’s size standards (either the industry based sized standard or the alternative size standard)
- Sole proprietors, independent contractors, and self-employed persons
- Any business with a NAICS Code that begins with 72 (Accommodations and Food Services) that has more than one physical location and employs less than 500 per location
- Any business, 501(c)(3) non-profit organization, 501(c)(19) veterans organization, or Tribal business concern (sec. 31(b)(2)(C) of the Small Business Act) with the greater of: 500 employees, or that meets the SBA industry size standard if more than 500

Faith-based organizations are eligible to receive SBA loans regardless of whether they provide secular social services.

First Draw Loans: Eligible small entities, that together with their affiliates (if applicable), have 500 or fewer employees—including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors—can apply. Entities with more than 500 employees in certain industries that meet SBA’s alternative size standard or SBA’s size standards for those particular industries can also apply. Also eligible to apply for First Draw PPP Loans are businesses with a NAICS Code that begins with 72 (Accommodation and Food Services sector) or eligible news organizations with no more than 500 employees per physical location, as well as housing cooperatives, 501(c)(6) organizations, or destination marketing organizations with no more than 300 employees.

Existing PPP borrowers that did not receive loan forgiveness by December 27, 2020 may: (1) reapply for a First Draw PPP Loan if they previously returned some or all of their First Draw PPP Loan funds, or (2) under certain circumstances, request to modify their First Draw PPP Loan amount if they previously did not accept the full amount for which they are eligible.

A borrower is generally eligible for a Second Draw PPP Loan if the borrower:
• Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses;
• Has no more than 300 employees; and
• Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.

Additional Funding Information:

Estimated Size of Grant:

The $10 million (or $2 million for a Second Draw PPP Loan) maximum loan amount limitation applies to each eligible business entity.

For most borrowers, the maximum loan amount of a Second Draw PPP Loan is 2.5x average monthly 2019 or 2020 payroll costs up to $2 million. For borrowers in the Accommodation and Food Services sector, the maximum loan amount for a Second Draw PPP Loan is 3.5x average monthly 2019 or 2020 payroll costs up to $2 million.

For information on how to calculate maximum loan amounts, see How to Calculate Loan Amounts in Supporting Documents below.

Term of Contract:

Loan Details:
- PPP loans have an interest rate of 1%.
- Loans issued prior to June 5, 2020 have a maturity of 2 years. Loans issued after June 5, 2020 have a maturity of 5 years.
- Loan payments will be deferred for borrowers who apply for loan forgiveness until SBA remits the borrower's loan -forgiveness amount to the lender. If a borrower does not apply for loan forgiveness, payments are deferred 10 months after the end of the covered period for the borrower’s loan forgiveness (either 8 weeks or 24 weeks).
- No collateral or personal guarantees are required.
- Neither the government nor lenders will charge small businesses any fees.
- SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses.

Contact Information:

SBA provides local assistance via 68 district offices and a nationwide network of resource partners. To find resources near you: https://www.sba.gov/local-assistance

U.S. Small Business Administration
409 3rd St, SW.
Washington DC 20416

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