U.S. businesses, 501(c)(3) nonprofits, tribal businesses, sole proprietors, contractors, ESOPs, small agricultural cooperatives with fewer than 500 employees or meeting current SBA size standards.

Affiliation rules do apply, which is important when the SBA is determining whether a business's affiliations preclude them from being considered small. Generally, affiliation exists when one business controls or has the power to control another or when a third party (or parties) controls or has the power to control both businesses.

Payroll expenses, including health insurances premiums and costs

Employee salaries

Mortgage interest

Rent and utilities

Interest on debt incurred before February 15, 2020

Payroll

Fixed debts

Accounts payable

Other expenses that can’t be paid because of the disaster’s impact

2.5 times your monthly payroll costs (up to $10 million).

The US Chamber of Commerce has a helpful guide to assist you in calculating your average monthly payroll costs as a part of the PPP, including for seasonal employers.

The maximum loan size is $2 million.

Applicants who apply for this loan may request an advance of up to $10,000 from the SBA. The advance will be distributed within 3 days. There is no obligation to repay the grant.

Yes, for loans greater than $200,000.

Up to 100% of the principal amount and any accrued interest of the loan may be forgiven if you use the proceeds on qualifying expenses.

The amount forgiven is reduced based on failure to maintain the average number of full-time equivalent employees versus the period from either February 15, 2019, through June 30, 2019, or January 1, 2020, through February 29, 2020, as selected by the borrower.

The amount forgiven is also reduced to the extent that compensation for any individual making less than $100,000 per year is reduced by more than 25% measured against the most recent full quarter. Reductions in the number of employees or compensation occurring between February 15, 2020, and 30 days after enactment of the CARES Act will generally be ignored to the extent that reductions are reversed by June 30, 2020.

Only up to 25% of the forgiven loan amount can be for non-payroll costs.

The loan itself is not eligible for forgiveness.

However, as mentioned above, $10,000 forgivable grant may be provided in addition to the EIDL to be used for paid sick leave, payroll, increased costs due to interrupted supply chains, rent or mortgage payments, repaying obligations that cannot be met due to revenue losses. For applicants subsequently receiving a PPP loan, PPP forgiveness will be reduced by the amount of this grant. Your loan does not need to be approved in order to receive this grant.

You must apply through your lender for forgiveness on your loan. In this application, you must include:

Documentation verifying the number of employees on payroll and pay rates, including IRS payroll tax filings and State income, payroll and unemployment insurance filings;

Documentation verifying payments on covered mortgage obligations, lease obligations, and utilities;

Certification from an officer of your business or organization that is authorized to certify that the documentation provided is true and that the amount that is being forgiven was used in accordance with the program’s guidelines for use.Is a personal guarantee required?

N/A