Apply For A Paycheck Protection Program
In 2020, we are helping small businesses apply quickly for PPP funds.
Application Fee $247
Paycheck Protection Program FAQ'S
Any small business with 500 or fewer employees may be eligible. This includes small businesses, S corporations, C corporations, LLCs, private nonprofits, faith-based organizations, tribal groups and veteran groups.
The maximum amount of money you can borrow as a first-time PPP borrower is 2.5 times your average monthly payroll costs, up to a maximum of $10 million. That means, for example, if your average monthly payroll in the last 12 months was $100,000, you could borrow up to $250,000.
The minimum PPP Loan amount is $1,000, and the maximum amount is determined based primarily on the borrower's payroll-related costs, but cannot exceed $10 million. This amount may be reduced based on loans to a borrower's affiliated companies.
It will take up to 10 business days to process deposits. When deposit has been sent to bank, you should recieve a email as confirmation which will also include your loan documents.
Interest rates for the Paycheck Protection Program ("PPP') are at 1%. PPP loans are made by one or more approved U.S. Small Business Administration ("SBA”) lenders. Loan agreements will identify the appropriate lender to small businesses at signing. Funds are limited, and may not be available at this time. If funds are available, qualified applications will be submitted to the SBA. TaxOut may need additional information from you later and does not guarantee that it will be able to submit your application to the SBA based solely on the information you provide now. TaxOut does not guarantee that applications will be processed and submitted before PPP funds are no longer available. There are no fees for applying for PPP or forgiveness. Approval and loan forgiveness are subject to your ability to meet government-set eligibility requirements.
PPP borrowers are eligible for up to 2.5x monthly payroll costs for their initial PPP loan, as well as any second draw. If your business falls under NAICS code 72 (Accommodation and Food Services), you may qualify for up to 3.5x monthly payroll costs for a second draw. All second draws are limited to $2M.
To help the government fight financial crime, Federal regulation requires certain financial institutions to obtain, verify, and record in about the beneficial owners of legal entity customers at the time a new account is opened. Legal entities can be abused to disguise involvement in terrorist financing, money laundering, tax evasion, corruption, fraud, and other financial crimes. Requiring the disclosure of key individuals who own or control a legal entity (i.e., the beneficial owners) helps law enforcement investigate and prosecute these crimes.
Please note, the SBA has limited loan forgiveness for applicants who are self-employed. Per SBA rules, if you do not have formal business expenses that you report on your Schedule C, you will be limited to having 60% of your loan forgiven. The extent to which you are eligible for forgiveness depends on the forgiveness rules and regulations issued by the SBA.