First Draw PPP Loans

The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on payroll. First Draw PPP Loans can be used to help fund payroll costs, including benefits, and may 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.

SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses.

  • PPP loans have an interest rate of 1%.
  • Loans will have a maturity of five 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.


Who may qualify

The following entities affected by coronavirus (COVID-19) may be eligible:

  • Sole proprietors, independent contractors, and self-employed persons
  • Any small business concern that meets SBA’s size standards (either the industry size standard or the alternative size standard)
  • 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
  • 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


How and when to apply

You can apply for a First Draw PPP Loan until March 31, 2021.  All new First Draw PPP Loans will have the same terms regardless of lender or borrower.

To apply for a First Draw PPP Loan, you must provide the following:


  • If your business is any of the following: Corporation, Professional Corporation, General Partnership, LLC, Nonprofit, please provide the following documentation:
      • Color copy of government issued ID (front and back) for all owners of the business listed on the application.
      • Organizational Documents*
      • 2019 OR 2020 IRS Form W-3
      • 2019 OR 2020 Form 940
      • 2019 OR 2020 Forms 941 (for all quarters)
      • If you file a 1065 Tax return K-1 Statement for all partners or members.
    • If you have employees making over $100,000:
      • W-2 forms for employees making over $100K for 2019 OR 2020
    • If you have employees outside the US:
      • W-2 forms for employees living abroad for 2019 OR 2020

*Examples of Organizational Documents include: Articles of Incorporation, By-Laws, Certificate of Organization, LLC Operating Agreement, Certificate of Formation or Articles of Information

  • If your business is any of the following: Sole Proprietorship, Independent Contractor, Self-Employed, Single Member LLC, please provide the following documentation:
    • If you have employees:
      • Color copy of your government issued ID (front and back)
      • 2019 OR 2020 1040 Schedule C or F**
      • 2019 or 2020 IRS Form W-3
      • 2019 or 2020 IRS Form 940
      • W-2 forms for any employees earning more than $100,000
      • Payroll statement covering 2/15/2020
    • If you do not have employees:
      • Color copy of your government issued ID (front and back)
      • 2019 OR 2020 1040 Schedule C**
      • Substantiation of self-employment such as 1099-MISC for Independent Contractors
      • 2020 invoice, bank statement or book of record to establish you were operating effective 2/15/2020

**If you have not completed 1040 Schedule C or F for 2019 or 2020, fill it out and compute the value for line 31. We cannot accept this form for previous years.

Additional information is available at