The latest answers to your questions
Coronavirus Relief Loan – The CARES Act’s Paycheck Protection Program (PPP)
We’re here to help keep you informed. Answers will be updated as new details become available based on guidance from the US Treasury Dept., the Small Business Administration, and lenders processing and issuing PPP loans.
- All Categories
- Working Capital
- Loan Processing
- Fund Depletion
Yes. You should use the proceeds from these loans on your:
- Payroll costs, including benefits;
- Interest on mortgage obligations, incurred before February 15, 2020;
- Rent, under lease agreements in force before February 15, 2020; and
- Utilities, for which service began before February 15, 2020.
- Note: SBA Disaster loans made between 1/31/20 and the date the PPP funds are available may be refinanced with a PPP loan.
For individuals with self-employment income (such as an independent contractor or a sole proprietor) who file a Form 1040, Schedule C, please review the new interim final rule, issued on April 2, 2020, by the SBA to understand how PPP loans can be used.
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Simply click on the APPLY NOW button, and you will be taken to a secure portal where you can fill out your application to start your loan request. Millions of businesses will apply, swamping the majority of lenders. Using our dynamic compatibility technology, we only match loans with lenders ready to close, so you get your loan as soon as possible.
NOTE: You can take a Paycheck Protection Program loan and an SBA Disaster Relief Loan (EIDL) only IF the EIDL loan is used for purposes other than what’s covered by the Paycheck Protection Program loan.