How do you get some $$ for your small business from the government?

Federal government is offering “Paycheck Protection Program” (PPP) loans to small businesses and self-employed persons.

  • PPP starts out as a loan but turns into a grant if you spend it on wages and other allowable business expenses
  • Anyone with employees or self-employed can apply
    • Can use ITIN to apply but must legally reside in the US
  • Loan amount depends on size of payroll or gross revenue if self-employed

How do you get a PPP?

Contact your bank or credit union to apply. If they’re not offering them (not all can), try another local bank or credit union. If you don’t have an account that bank, they will help you set one up.

  • If self-employed, use this form to collect information you need but you don’t submit this to the government. The bank/credit union does that part.
  • Rules changed on March 3 so it is easier to qualify now

How do I get the loan forgiven?

  • After you get the funds, the bank/credit union will give you directions on the form to complete for forgiveness
  • At least 60% of the funds must be spent on wages/paying yourself if self-employed and the rest on items such as rent, utilities (not equipment purchases)

Program expires March 31, 2021. Apply immediately!