Paycheck Protection Program: relief for small businesses

You can now apply for the Paycheck Protection Program (PPP) Loan to help your business cover payroll, benefits, rent, utilities and more. We have partnered with SBA 7(a) lenders to provide you with relief funds as we navigate this uncertain times. Rest assured we are here to help you Charge Your Business Forward™.


Benefits of PPP relief

Low interest rate, 1% fixed

Loan forgiveness for qualified expenses

Deferred payments for the first 6 months

Spread your payments out with 2-year terms

Apply for the PPP through our trusted SBA partners


Start your application

We will connect you with SBA 7(a) approved lenders.

Get approved


Submit documents

The SBA requires certain documentation that prove your eligibility.


Take the loan

Once approved the funds will be deposited to your bank.

Apply online or call us at: (855) 900-7838

Frequently asked questions about the PPP

Learn more about the $350 billion SBA relief program, the new $310 billion and what to do next from the FAQs below. For information about the PPP, the CARES Act and other relief options, visit our Idea Helps page, call us at (855) 900-7838 or email us at



What is the Paycheck Protection Program (PPP)?

The PPP is a relief program managed by the SBA and created by the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The program aims to help small businesses affected by the COVID-19 crisis with relief funds by way of federally guaranteed loans. The SBA delegated authority to private lenders so that there is no separate SBA approval, which should result in faster application processing and approvals.

These loans were created to help small businesses retain employees and cover operational costs. It is important to apply soon as there is high demand and relief funds are limited.



Is my business eligible for the PPP?

The CARES Act deems eligible any SBA qualified small business, tribal business, nonprofit organization or veteran organizations that employ 500 or fewer people. Other qualifications include being current on other SBA loans (if any), the business or owner is not suspended or deemed ineligible by any Federal department, the owner is subject to an indictment, and the owner has not had a felony in the past 5 years.



When can I apply for the PPP?

You can apply now, applications started on April 3, 2020 for LLCs, S Corporations and Sole Proprietors. Independent Contractors and Self-Employed individuals started applying on April 10, 2020. You may apply here. Applications re open until June 30, 2020. $367 billion were available in the first wave of funding.

The total amount of funds available will be exhausted before the deadline, so applying early increases your chances of getting a PPP loan.

As of April 23, 2020, the government passed a new resolution releasing another $310 billion.



How can I prepare for the new wave of relief funds?

If you were denied funding due to a lack of funds from the PPP or you were not able to hand in the documentation in time, you may apply again here.

We are working with trusted partners that will connect you with SBA 7(a) approved lenders. Many never stopped receiving applications and are processing them right now. You will be helped by professionals that know the application process, requirements and have already funded billions of dollars to small businesses.



Where can I apply for relief funds?

You can apply for a PPP loan here.

Idea Financial is not an authorized lender for the U.S. Small Business Administration’s (SBA) Paycheck Protection Program at this time. Idea Financial will connect you with SBA approved lenders. Your loan agreement will identify your lender prior to your signature. Any loan made under SBA’s Paycheck Protection Program must also be submitted to and approved by the SBA.



What are the benefits of the PPP Loan?

The amount you will receive will be approximately 2.5 times your average total monthly payroll costs (up to $10 million), plus:

  • Fixed interest rate of 1%
  • Repayment terms of 2 years
  • Payments will be deferred for six months, but interest will continue to accrue during that period - some borrowers may qualify for a 12 month deferral

Loans proceeds are forgiven if used during the 8 week period after the the date the loan was made and for the following purposes:

  • Payroll costs (capped at $100,000 per year per employee)
  • Group healthcare benefits
  • Rent payments
  • Utilities
  • Mortgage interest
  • Interest on debt incurred prior to February, 15 2020



What does payroll cost include?

  • Salary, wages, commissions, or tips (capped at $100,000 on an annualized basis for each employee)
  • Employee benefits including costs for vacation, parental, family, medical, or sick leave; allowance for separation or dismissal; payments required for the provisions of group health care benefits including insurance premiums; and payment of any retirement benefit
  • State and local taxes assessed on compensation
  • For a sole proprietor or independent contractor: wages, commissions, income, or net earnings from self-employment, capped at $100,000 on an annualized basis for each employee



Can the PPP loan be used for other purposes than non-payroll cost?

Yes, however, your loan forgiveness is calculated so that 75% of your expenses most go to payroll-costs and the remaining 25% for nor non-payroll cost expenses.

Subsequently the SBA and approved lenders will provide more guidelines for the category of each expense.



What information do I need to provide in my PPP application?

In your loan application you will need to provide:

  • Driver License or other government issued identification
  • Payroll Register for 2019 and any available from 2020, and unemployment insurance filings
  • If you have employees, 2019 IRS 941 forms and 2019 IRS 944 forms
  • If you are self-employed, 2019 IRS 1040 schedule C and 1099-MISC for each owner
  • Good faith certification stating the loan will be used to support your business operations
  • Your SBA lender will direct you to any other supporting documentation they may need



How can I request loan forgiveness?

Submit a request to your lender that is servicing the loan. The request should include documents for forgivable expenses that verify:

  • Number employees and payroll and benefit rates
  • Mortgage interest payments
  • Lease payments
  • Utility payments

With respect to approving such expenses, your lender may ask for additional information such as:

  • Certification that the amount requested to be forgiven was used in accordance to SBA guidelines.
  • Verification of employee payroll and pay rates, IRS payroll tax filings, state income, payroll and unemployment filings.
  • Documentation that verifies lease obligations and utility payments
  • Documents verifying mortgage and other debt interest obligations

Your SBA lender must make a decision within 60 days of the your loan forgiveness request.



When do I need to start paying interest on my PPP loan?

Right away. All payments for a PPP loan are deferred for 6 months; however interest will continue to accrue over this period.



Can I pay my loan earlier than 2 years?

Yes, there are no pre-payment penalties.



Does the PPP loan require collateral or personal guarantee?

No, lenders may not require collateral or a personal guarantee.



How fast can I get a PPP loan?

The time table for you to receive you funds depends on your specific business and how fast your lender can process the documentation submitted. The application process may take several days. Once approved, your lender should give you a date for when you will receive your funds.

The standards that the legislation put forth are designed for fast approval, but keep in mind the high demand and that funds are limited.

We suggest you contact your loan officer if you have not received an email or some sort of communication after your initial application.



What is the difference between the PPP and an Economic Injury Disaster Loan (EIDL)?

The PPP enables organizations to obtain up to $10 million in loans that are 100% forgivable if they meet the criteria outlined above.

The Economic Injury Disaster Loan Program (EIDL) is a disaster relief loan which includes a grant up to $10,000 that businesses do not need to pay back. The EIDL loan caps out at $2 million and it is not forgivable, but may cover other expenses that the PPP does not include.

Aside from the basic specifications of each, these programs have different application processes, terms, interest rates, and eligibility requirements. For more info on EIDL, click here.

We recommend that businesses apply for both an EIDL and a PPP loan.



What is an SBA Economic Injury Disaster Loan (EIDL)?

An Economic Injury Disaster Loan or EIDL is the long-standing SBA loan program that helps businesses that have been affected by some sort of natural or economic disaster. Known for having strict requirements, such as having the county the business is in declared an affected area, many requirements have been loosened thanks to the CARES Act.



What benefits do EIDL loans have?

In general, EIDLs have:

  • Up to $2 million in funding
  • 3.75% interest (2.75% for non-profits)
  • Long repayment terms of up to 30 years

In addition to the benefits above, due to the COVID-19 crisis, an EIDL-COVID-19 relief loan includes a short-term forgivable advance of up to $10,000.



Do I qualify for an EIDL loan?

Small businesses that can demonstrate that they suffered severe economic hardship because of natural or economic disaster. As all states have declared a state of emergency during the COVID-19 crisis, small businesses anywhere that match the criteria below can apply for EIDLs.

  • Small business with fewer than 500 employees
  • Operate as a Sole proprietor or independent contract during the covered period: January 31, 2020 and December 31, 2020.
  • Are 501(c), 501 (d) or 501(e) private non-profits
  • Prove substantial economic injury caused by COVID-19



How can I apply for an EIDL?

To apply for an EIDL-COVID-19 assistance loan, visit the SBA disaster relief page here.

To apply for an EIDL relief loan unrelated to COVID-19, visit the SBA disaster relief page here.



What information do I need to provide in the EIDL application?

  • Gross revenues
  • Costs of goods sold
  • Lost rents (for rental property owners)
  • Costs of Operating Expenses (for nonprofits)
  • Other reimbursement will receive (i.e. business interruption insurance)
  • Persona Financial Statement (SBA Form 413)
  • Schedule of Liabilities (SBA form 2202)
  • Tax Information Authorization (IRS 4506T)
  • Federal Income Tax returns with schedules
  • Current year to date profit and loss statement

For more information about the CARES Act and other relief efforts:

Visit our Idea Helps page, call us at (855) 900-7838 or email us at

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