{"id":3515,"date":"2020-04-06T19:42:37","date_gmt":"2020-04-06T19:42:37","guid":{"rendered":"https:\/\/www.grantnews.com\/?p=3515"},"modified":"2020-07-07T12:14:01","modified_gmt":"2020-07-07T16:14:01","slug":"paycheck-protection-program-ppp-faq","status":"publish","type":"post","link":"https:\/\/www.grantwatch.com\/grantnews\/paycheck-protection-program-ppp-faq\/","title":{"rendered":"Paycheck Protection Program (PPP) FAQ"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">What is The Paycheck Protection Program (&#8220;PPP&#8221;)?<\/h2>\n\n\n\n<p>The Paycheck Protection Program (&#8220;PPP&#8221;) authorizes up to <strong>$349 billion<\/strong> in <strong>forgivable loans<\/strong> to small businesses to pay their employees during the <a aria-label=\"COVID-19 crisis (opens in a new tab)\" href=\"https:\/\/www.grantwatch.com\/grant\/188834\/loans-to-usa-nonprofits-individuals-and-small-businesses-to-help-with-salary-expenses-due-to-the-covid-pandemic.html\" target=\"_blank\" rel=\"noreferrer noopener\">COVID-19 crisis<\/a>. It&#8217;s designed to provide a direct incentive for small businesses to keep their workers on the payroll.<\/p>\n\n\n\n<h2 class=\"has-vivid-green-cyan-color has-text-color wp-block-heading\">FAQ<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">What are the criteria for loan forgiveness?<\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>The loan proceeds must be used to cover payroll costs, and most mortgage interest, rent, and utility costs over the 8 week period after the loan <g class=\"gr_ gr_5 gr-alert gr_gramm gr_inline_cards gr_run_anim Grammar multiReplace\" id=\"5\" data-gr-id=\"5\">is<\/g> made.<\/li><li>Employee salary levels must be maintained. Your loan forgiveness will also be reduced if you decrease salaries and wages by more than 25% for any employee that made less than $100,000 annualized in 2019.   <\/li><li>Your loan forgiveness will be reduced if you decrease your full-time employee headcount.<\/li><li>You have until June 30, 2020, to restore your full-time employment and salary levels for any changes made between February 15, 2020, and April 26, 2020. <\/li><\/ul>\n\n\n\n<p>Payroll costs are capped at <strong>$100,000<\/strong> on an annualized basis for each employee and loan payments will be deferred for 6 months. <\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.grantnews.com\/wp-content\/uploads\/2020\/04\/Employee-receiving-a-final-paycheck.jpg\" alt=\"PPP\" class=\"wp-image-3521\" width=\"750\" height=\"500\" srcset=\"https:\/\/www.grantwatch.com\/grantnews\/wp-content\/uploads\/2020\/04\/Employee-receiving-a-final-paycheck.jpg 1000w, https:\/\/www.grantwatch.com\/grantnews\/wp-content\/uploads\/2020\/04\/Employee-receiving-a-final-paycheck-300x200.jpg 300w, https:\/\/www.grantwatch.com\/grantnews\/wp-content\/uploads\/2020\/04\/Employee-receiving-a-final-paycheck-768x512.jpg 768w\" sizes=\"auto, (max-width: 750px) 100vw, 750px\" \/><\/figure><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">How can I request loan forgiveness? <\/h3>\n\n\n\n<p>You can submit a request to the lender that is servicing the loan. The request must include the following: <\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Documents that verify the number of full-time equivalent employees and pay rates, as well as the payments on an <g class=\"gr_ gr_5 gr-alert gr_gramm gr_inline_cards gr_run_anim Grammar only-ins doubleReplace replaceWithoutSep\" id=\"5\" data-gr-id=\"5\">eligible<\/g> mortgage, lease, and utility obligations. <\/li><li>You must certify that the documents are true and that you used the forgiveness amount to keep employees and make eligible mortgage interest, rent, and utility payments. <\/li><li>The lender must make a decision on P<g class=\"gr_ gr_45 gr-alert gr_gramm gr_inline_cards gr_run_anim Grammar only-del replaceWithoutSep\" id=\"45\" data-gr-id=\"45\">P<\/g> forgiveness within 60 days.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">When can I apply? <\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>Starting April 3, 2020, Small businesses and sole proprietorships started applying on April 3, 2020. <\/li><li>starting April 10, 2020, independent contractors and self-employed individuals can start applying for PPP loans through existing SBA lenders.   <\/li><li>Other regulated lenders will be available to make these PPP loans as soon as they are approved and enrolled in the program.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Where can I apply? <\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>You can apply through any existing SBA lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Please consult with your local lender as to whether it is participating. <\/li><li>Find additional information at <a aria-label=\"GrantWatch.com (opens in a new tab)\" href=\"https:\/\/www.grantwatch.com\/grant\/188834\/loans-to-usa-nonprofits-individuals-and-small-businesses-to-help-with-salary-expenses-due-to-the-covid-pandemic.html\" target=\"_blank\" rel=\"noreferrer noopener\">GrantWatch.com<\/a>.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Who can apply? <\/h3>\n\n\n\n<p>Any business with 500 or fewer employees can apply, this includes: <\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Nonprofits, veterans organizations, Tribal business concerns, sole proprietorships, self-employed individuals, and independent contractors \u2013 with 500 or fewer employees can apply. <\/li><li>Businesses in certain industries can have more than 500 employees if they meet applicable SBA employee-based size standards for those industries. Read more about the SBA Size standards <a aria-label=\"here (opens in a new tab)\" href=\"https:\/\/www.sba.gov\/federal-contracting\/contracting-guide\/size-standards\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a>.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">What do I need to apply?  <\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>You will need to complete the Paycheck Protection Program loan application. <a aria-label=\"Click here to get application details (opens in a new tab)\" href=\"https:\/\/www.grantwatch.com\/grant\/188834\/loans-to-usa-nonprofits-individuals-and-small-businesses-to-help-with-salary-expenses-due-to-the-covid-pandemic.html\" target=\"_blank\" rel=\"noreferrer noopener\">Click here to get application details<\/a>. <\/li><li>The application deadline is  June 30, 2020. <\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">What can I use these loans for? <\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>Payroll costs, including benefits; <\/li><li>Interest on mortgage obligations, incurred before February 15, 2020;<\/li><li>Rent, under lease agreements in force before February 15, 2020;<\/li><li>U<g class=\"gr_ gr_61 gr-alert gr_spell gr_inline_cards gr_run_anim ContextualSpelling ins-del multiReplace\" id=\"61\" data-gr-id=\"61\">tilities<\/g>, for which service began before February 15, 2020. <\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">What counts as payroll costs? <\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>Salary, wages, commissions, or tips (<em>capped at $100,000 on an annualized basis for each employee<\/em>);  \uf0b7 <\/li><li>Employee benefits including costs for vacation, parental, family, medical, or sick leave; <g class=\"gr_ gr_3 gr-alert gr_gramm gr_inline_cards gr_disable_anim_appear Grammar only-ins replaceWithoutSep\" id=\"3\" data-gr-id=\"3\">allowance<\/g> for separation or dismissal; payments required for the provisions of group health care benefits including insurance premiums; and payment of any retirement benefit; <\/li><li>State and local taxes assessed on compensation; <\/li><li><em><strong>For a sole proprietor or independent contractor<\/strong><\/em>: wages, commissions, income, or net earnings from self-employment, capped at $100,000 on an annualized basis for each employee.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">How large can my PPP loan be?  <\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>Loans can be for up to <strong>two months<\/strong> of your average monthly payroll costs from the last year plus an additional <strong>25%<\/strong> of that amount. That amount is subject to a $10 million cap. A seasonal or new business<em> will use different applicable time periods for your calculation.<\/em><\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">What is my interest rate &amp; repayment schedule? <\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>1.00% fixed rate.<\/li><li>All payments are deferred for 6 months; however, interest will continue to accrue over this period. <\/li><li>Your loan is due in 2 years<\/li><li>There are no prepayment penalties or fees so you may repay the loan early. <\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Finally:<\/h2>\n\n\n\n<p><strong>Do I need to pledge any collateral for these loans? <\/strong><br>No. No collateral is required.  <br><strong>Do I need to personally guarantee this loan? <\/strong><br>No. There is no personal guarantee requirement.  <em>However, if the proceeds are used for fraudulent purposes, the U.S. government will pursue criminal charges against you.<\/em> <\/p>\n","protected":false},"excerpt":{"rendered":"<p>What is The Paycheck Protection Program (&#8220;PPP&#8221;)? The Paycheck Protection Program (&#8220;PPP&#8221;) authorizes up to $349 billion in forgivable loans<\/p>\n","protected":false},"author":16,"featured_media":3523,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_sb_is_suggestion_mode":false,"_sb_show_suggestion_boards":false,"_sb_suggestion_history":"","_sb_update_block_changes":"","_is_real_time_mode":false,"_realtime_collaborators":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"enabled":false},"version":2}},"categories":[138],"tags":[],"class_list":["post-3515","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.8.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Paycheck Protection Program (PPP) FAQ Business<\/title>\n<meta name=\"description\" content=\"Paycheck Protection Program (PPP) Frequently Aasked Questions. 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The PPP is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. It provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used\u2026","rel":"","context":"In &quot;News&quot;","block_context":{"text":"News","link":"https:\/\/www.grantwatch.com\/grantnews\/news-blog\/"},"img":{"alt_text":"ppp","src":"https:\/\/i0.wp.com\/www.grantwatch.com\/grantnews\/wp-content\/uploads\/2015\/07\/shutterstock_101610340.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.grantwatch.com\/grantnews\/wp-content\/uploads\/2015\/07\/shutterstock_101610340.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.grantwatch.com\/grantnews\/wp-content\/uploads\/2015\/07\/shutterstock_101610340.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.grantwatch.com\/grantnews\/wp-content\/uploads\/2015\/07\/shutterstock_101610340.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":8373,"url":"https:\/\/www.grantwatch.com\/grantnews\/paycheck-protection-program-part-2-ppp-what-you-need-to-know\/","url_meta":{"origin":3515,"position":1},"title":"Paycheck Protection Program Part 2 (PPP): What You Need to Know","author":"Staff Writer","date":"January 12, 2021","format":false,"excerpt":"The Paycheck Protection Program (PPP) re-opened on Jan. 11, 2021 for new borrowers and certain existing PPP borrowers. This is a much-needed financial lifeline to small businesses that continue to suffer from the impacts of the coronavirus pandemic. According to the Treasury Department, this round of the PPP continues to\u2026","rel":"","context":"In &quot;Business&quot;","block_context":{"text":"Business","link":"https:\/\/www.grantwatch.com\/grantnews\/business\/"},"img":{"alt_text":"ppp","src":"https:\/\/i0.wp.com\/www.grantwatch.com\/grantnews\/wp-content\/uploads\/2021\/01\/ppp.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.grantwatch.com\/grantnews\/wp-content\/uploads\/2021\/01\/ppp.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.grantwatch.com\/grantnews\/wp-content\/uploads\/2021\/01\/ppp.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":9544,"url":"https:\/\/www.grantwatch.com\/grantnews\/paycheck-protection-plan-extended\/","url_meta":{"origin":3515,"position":2},"title":"Paycheck Protection Program Extended for Small Businesses Affected by COVID-19","author":"Anne Berleant","date":"April 1, 2021","format":false,"excerpt":"Just days before the Paycheck Protection Program was set to run out on March 31, President Biden extended this vital program. Now, the program will accept applications through December 31, 2021. This is welcome news for small business throughout the US. But what exactly does this mean for small businesses\u2026","rel":"","context":"In &quot;Business&quot;","block_context":{"text":"Business","link":"https:\/\/www.grantwatch.com\/grantnews\/business\/"},"img":{"alt_text":"PPP","src":"https:\/\/i0.wp.com\/www.grantwatch.com\/grantnews\/wp-content\/uploads\/2021\/01\/PPP-LOAN-2021.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.grantwatch.com\/grantnews\/wp-content\/uploads\/2021\/01\/PPP-LOAN-2021.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.grantwatch.com\/grantnews\/wp-content\/uploads\/2021\/01\/PPP-LOAN-2021.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.grantwatch.com\/grantnews\/wp-content\/uploads\/2021\/01\/PPP-LOAN-2021.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.grantwatch.com\/grantnews\/wp-content\/uploads\/2021\/01\/PPP-LOAN-2021.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":12763,"url":"https:\/\/www.grantwatch.com\/grantnews\/eidl-is-not-ppp\/","url_meta":{"origin":3515,"position":3},"title":"EIDL Is Not The PPP","author":"Gabe","date":"July 30, 2021","format":false,"excerpt":"The U.S. federal government is still eager to help small businesses and nonprofits through rough financial times during the pandemic. But this time, help is in the form of an \"unforgivable loan.\" The U.S. Small Business Administration (SBA) has reopened the Economic Injury Disaster Loan. The SBA has scheduled small\u2026","rel":"","context":"In &quot;Community&quot;","block_context":{"text":"Community","link":"https:\/\/www.grantwatch.com\/grantnews\/community\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.grantwatch.com\/grantnews\/wp-content\/uploads\/2021\/07\/OPEN-SIGN-and-type-2.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.grantwatch.com\/grantnews\/wp-content\/uploads\/2021\/07\/OPEN-SIGN-and-type-2.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.grantwatch.com\/grantnews\/wp-content\/uploads\/2021\/07\/OPEN-SIGN-and-type-2.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.grantwatch.com\/grantnews\/wp-content\/uploads\/2021\/07\/OPEN-SIGN-and-type-2.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":3655,"url":"https:\/\/www.grantwatch.com\/grantnews\/chase-encouraged-by-news-from-the-senate\/","url_meta":{"origin":3515,"position":4},"title":"Chase Encouraged by News From the Senate","author":"grantnews","date":"April 23, 2020","format":false,"excerpt":"A letter from Chase Business Banking Dear Business Client, The Senate has approved additional funding for the Paycheck Protection Program and the House is expected to vote tomorrow. This is encouraging news for thousands of our small businesses. Even as the first phase of the PPP program concluded, we continued\u2026","rel":"","context":"In &quot;Business&quot;","block_context":{"text":"Business","link":"https:\/\/www.grantwatch.com\/grantnews\/business\/"},"img":{"alt_text":"chase","src":"https:\/\/i0.wp.com\/www.grantwatch.com\/grantnews\/wp-content\/uploads\/2020\/04\/Chase-Bank.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.grantwatch.com\/grantnews\/wp-content\/uploads\/2020\/04\/Chase-Bank.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.grantwatch.com\/grantnews\/wp-content\/uploads\/2020\/04\/Chase-Bank.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.grantwatch.com\/grantnews\/wp-content\/uploads\/2020\/04\/Chase-Bank.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.grantwatch.com\/grantnews\/wp-content\/uploads\/2020\/04\/Chase-Bank.jpg?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/www.grantwatch.com\/grantnews\/wp-content\/uploads\/2020\/04\/Chase-Bank.jpg?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":12113,"url":"https:\/\/www.grantwatch.com\/grantnews\/10-grants-for-small-businesses-part-2\/","url_meta":{"origin":3515,"position":5},"title":"10 Grants for Small Businesses: Part 2","author":"Lianne Hikind","date":"July 13, 2021","format":false,"excerpt":"As we said in our last small business grant article, many small businesses need help now. The COVID-19 pandemic affected the ability of many small businesses to provide service to their customers. This is especially true when it comes to brick-and-mortar businesses. 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