All businesses – including nonprofits, veterans’ organizations, Tribal business concerns, sole proprietorships, self-employed individuals, and independent contractors – with 500 or fewer employees can apply. Businesses in certain industries can have more than 500 employees if they meet applicable SBA employee-based size standards for those industries.

For this program, the SBA’s affiliation standards are waived for small businesses (1) in the hotel and food services industries; or (2) that are franchises in the SBA’s Franchise Directory; or (3) that receive financial assistance from small business investment companies licensed by the SBA. Additional guidance may be released as appropriate.

Average monthly payroll costs, excluding compensation above $100,000 in wages (based on prior 12 months) X 2.5. That amount is subject to a $10 million cap.

Loans are available for the lesser of $10 million or the average monthly payroll costs for the past trailing 12 months x 2.5. Average monthly payroll costs are calculated based on the one-year period prior to the loan disbursal date except for seasonal employers and employers not in business between February 15, 2019 and July 30, 2019.

In the case of seasonal employers, the employer may choose to calculate the average monthly payroll costs based on the 12-week period starting February 15, 2019 or the period starting March 1, 2019 through June 30, 2019.

In the case of new employers not in business between February 15, 2019 and July 30, 2019, the average monthly payroll costs is calculated based on the period beginning January 1, 2020 through February 29, 2020.

• Salaries (up to $100,000 for any employee), wages, commissions or similar compensation, cash tips or equivalent, paid vacations, paid sick, parental and family medical leave
• Allowance for dismissal or separation
• Group health costs including insurance premiums
• Retirement benefits
• State and local payroll taxes
• Payments of any compensation to or income of a sole proprietor or independent contractor that is wage, commission, income, net earnings from self-employment in an amount that is not more than $100,000 on an annualized basis (prorated for the covered period)

Yes. You should use the proceeds from these loans on your:

• Payroll costs, including benefits;
• Interest on mortgage obligations, incurred before February 15, 2020;
• Rent, under lease agreements in force before February 15, 2020; and
• Utilities, for which service began before February 15, 2020.
• Note: SBA Disaster loans made between 1/31/20 and the date the Paycheck Protection Loan (PPP) is available may be refinanced with a PPP loan.

If you have already applied, you will receive notification when information is needed to complete the process.  If you haven't yet applied, fill out your form today.  You don't need to apply multiple times - one application will get you into the queue.

If applied through our partner link and have received an approval notice, your lender will contact you directly to handle the next steps in coordinating disbursement of funds. Please be on the lookout for an email directly from the bank with closing documents and directions on signing.

Lenders have 10 business days to finalize the disbursement of loans under the program. Please do not contact the lender or BoeFly directly as they are working as quickly as possible to finalize your loans.

You will owe money when your loan is due if you use the loan amount for anything other than payroll costs, mortgage interest, rent, and utilities payments over the 8 weeks after getting the loan. Due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs.

You will also owe money if you do not maintain your staff and payroll.

• Number of Staff: Your loan forgiveness will be reduced if you decrease your full-time employee headcount.
• Level of Payroll: Your loan forgiveness will also be reduced if you decrease salaries and wages by more than 25% for any employee that made less than $100,000 annualized in 2019.
• Re-Hiring: You have until June 30, 2020 to restore your full-time employment and salary levels for any changes made between February 15, 2020 and April 26, 2020.

As of April 3, 2020: 1% fixed rate for a 2-year term. Principal or interest payments on the loan will be deferred for 6-months and up to 12-months.

You will need to submit an application for forgiveness to your lender, and provide documentation that verifies the number of full-time equivalent employees and pay rates for the 8-week period commencing from when the loan was made. Documentation will include:

• Payroll costs
• Salaries
• Benefits
• Rent
• Utilities
• Mortgage interest

The forgiveness amount is subject to reduction if there is a workforce reduction or a reduction in the salary or wages of an employee.

Reductions in workforce, salaries and wages that occur from February 15, 2020 to April 26, 2020 will be disregarded for purposes of reducing the forgiveness amount so long as the reductions are eliminated by June 30, 2020.

Borrowers must apply for forgiveness with the lender servicing the loan. Lenders have 60 days to review and make a determination. Any portion of the loan that is forgiven will be excluded from gross income.