Paycheck Protection Program (PPP)
Due to the overwhelming response, we are no longer accepting ppp applications. we apologize for the inconvenience.
Forgiveness Information and Application
Funds are provided in the form of loans that can be fully forgiven when employee and compensation levels are maintained and when loan proceeds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 60% of the forgiven amount must have been used for payroll).
- PPP Loan Forgiveness Requirements
- PPP Loan Forgiveness Application
- PPP Loan Forgiveness Application for Sole Proprietors and 1099 Workers
The U.S. Small Business Administration’s (SBA) Paycheck Protection Program (PPP) provides small businesses, self-employed individuals and independent contractors who have been adversely impacted by the COVID-19 pandemic, funds to pay up to eight weeks of payroll costs — including benefits. Funds can also be used to pay interest on mortgages, rent and utilities, with some limitations. As an SBA-preferred lender, we are well-positioned to help you efficiently navigate the loan application process.
- You, the applicant, are responsible for determining your eligibility.
- Get more information on eligibility here.
What documents will I need to apply?
- Click Here to see the required documents needed to process your loan request.
How much can I borrow?
The eligible loan amount determined by combining the following payroll categories into a monthly average and multiplying the result by 2.5X, not to exceed $10 million:
- Salary, wages, commissions, tips (capped at $100,000 annualized for each employee)
- Employee benefits including: vacation, parental, family, medical or sick leave; allowance for separation or dismissal; payments for group health care benefits including insurance premiums and payment of any retirement benefit
- State and local taxes assessed on compensation
- For sole proprietor or independent contractors: wages, commissions, income, or net earnings from self-employment capped at $100,000 on an annualized basis for each employee
What can I use these loan proceeds for?
- Payroll costs — including benefits
- Interest on mortgage obligations, incurred before February 15, 2020
- Rent, under lease agreements in force before February 15, 2020
- Utilities, for which service began before February 15, 2020
Will I have to repay this loan?
Funds are provided in the form of loans that can be fully forgiven when employee and compensation levels are maintained and when loan proceeds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll).
Learn more about loan forgiveness here.
What are the loan terms?
- 1.00% fixed rate
- 2-year term; no prepayment penalties or fees
- No collateral or personal guarantee required
- All payments are deferred for 6 months; however, interest will continue to accrue over this period.
For small businesses with existing SBA 7(a) and 504 loans (CDC portion only-not bank 1st mtg.):
- The SBA will make the next 6 months payments on loans in place prior to the enactment of the CARES ACT (March 27th) that are in regular servicing status.
- This is automatic and does not need to be requested. SBA will make the first payment within 30 days of the payment due date.
In response to this act, effective 4/1/2020, Evolve Bank SBA Lending has suspended all ACH payment collection.
- After the subsidy period mentioned above, a borrower may be eligible for up to six months of additional relief in the form of payment reductions and/or deferments if your loan is in regular servicing status. (generally meaning current)
- This is not automatic and requires lender review and approval. Borrower will need to make a written request and provide additional documentation.
Economic Injury Disaster Loan (EIDL)
This is a direct loan thru the SBA and NOT lenders. This loan is an existing disaster relief loan, and not part of the CARES Act. Borrowers can apply now. APPLY HERE.
Note: Borrowers may apply for both the PPP and EIDL loans provided the use of proceeds is not the same. This loan should be used for expenses that are not covered by PPP.