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Get Ready for Round 2 PPP

The Paycheck Protection Program is a forgivable loan designed to provide a direct incentive for small businesses to keep their employees on the payroll. The first round of funding was quickly exhausted in less than two weeks as the SBA approved 1.6 million loans. To address the short coming, an additional $310 billion in funding is expected to pass Thursday, April 23, 2020. Startups and small businesses need to be prepared to apply and may want to consider smaller lending institutions like credit unions and community banks, which will be assigned $60 billion.


  • Available to any business, 501(c)(3) non-profit organization, 501(c)(19) veterans organization, or Tribal business concern that meets the SBA’s size standards.
  • Includes sole proprietorships, independent contractors and self-employed persons.


  • Designed to provide small businesses with loans that are roughly equal to 2.5 times their monthly payroll costs.
  • Eight weeks of cash-flow assistance through 100 percent federally guaranteed loans.


  • SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest or utilities.
  • At least 75% of the forgiven amount must have been used for payroll to be fully forgiven.
  • Based on the employer maintaining or quickly rehiring employees and maintaining salary levels. 
  • Will be reduced if full-time headcount declines, or if salaries and wages decrease.
  • Loan payments will also be deferred for six months.
  • No collateral or personal guarantees are required.
  • Neither the government nor lenders will charge small businesses any fees.
  • Apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating.
  • Available through June 30, 2020. Additional funding being made available.