Official PPP Loan Application Form
- Business name, DBA, business address, EIN/SSN, and contact information.
- Average monthly payroll (learn how to calculate your average monthly payroll yourself), loan request amount, number of employees, and loan purpose.
How much is a PPP loan?
Your maximum PPP loan amount will be 2.5 times your average monthly payroll costs, up to $10 million. You can only receive one PPP loan, so if you apply for a PPP loan you may consider applying for the maximum amount you are eligible for.
What can I do with my PPP loan?
Under the original Paycheck Protection Program, business owners could get their loans partially or fully forgiven if they spent their funds on payroll costs, utilities, rent, and mortgage interest payments.
What kind of bank statement do you need for PPP loan?
February 2020 bank statement Provide a copy of your statement that covers 2/15/2020 as proof that you were in business as of that date. If available, bank statements that are downloaded from your bank’s website will work better than scanned versions.
What’s the maximum amount you can get a PPP loan for?
Hospitality or food service businesses with a NAICS code beginning in 72 may receive up to 3.5 times their average monthly payroll costs . However, one of the biggest changes is the maximum loan amount, which is down from $10 million in 2020 to $2 million for second-time loan recipients.
How does the Paycheck Protection Program ( PPP ) work?
The Paycheck Protection Program (“PPP”) authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. All loan terms will be the same for everyone. The loan amounts will be forgiven as long as: The loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and
