Small Business Paycheck Protection Program
Funds can also be used to pay interest on mortgages, rent, and utilities. The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $659 billion toward job retention and certain other expenses.
Generally, if you are flagged for PPP fraud, you will be contacted by a federal agent from a law enforcement agency or other federal authorities regarding your loan under the CARES Act. Your bank might also inform you that your bank accounts have been frozen or seized as part of investigations into PPP Loan fraud.
What can the money be used for? PIP helps meet the extra costs associated with living with a disability or a long term health condition, including: higher heating bills. special diets, clothing or equipment.
For Borrowers
Borrowers can apply for forgiveness any time up to the maturity date of the loan. If borrowers do not apply for forgiveness within 10 months after the last day of the covered period, then PPP loan payments are no longer deferred and borrowers will begin making loan payments to their PPP lender.
View loan balance and make payments
Create an account in the MySBA Loan Portal (lending.sba.gov) to monitor your PPP loan status. Payments can only be made using the MySBA Loan Portal for SBA-purchased PPP loans. All others can continue to set up and manage online payments at Pay.gov.
Generally, PPP funds can be used for four purposes: payroll, mortgage interest, rent/lease, and utilities. Payroll should be the major use of the loan.
Who will be audited? PPP loans in excess of $2 million are automatically triggered for an audit by the SBA. The SBA has created a safe harbor for any PPP loan borrower that, together with its affiliates, received loans of less than $2 million.
Unexpected Contact: Be cautious of unsolicited calls or emails claiming missed court dates or urgent issues regarding your PPP loan. Threats of Legal Action: Any communication threatening jail time or legal repercussions for immediate payment should raise red flags.
PPP loan proceeds to the company payroll bank account, or operating bank account, to cover the allowable costs. This will allow the business to track the funds that must be spent over the 8 week period.
Search for a borrower, or if you want to see how many people received loans in your state and other interesting facts, check out our PPP dashboard.
The term of the loan (maturity date) is two (2) years from the date of loan origination. How much can I borrow? The maximum loan amount is 2.5 times the average total monthly payroll costs incurred in the one-year period before the loan origination date, or $10 million, whichever is smaller.
PPP loans (the full principal amount and any accrued interest) may be fully forgiven, meaning they do not have to be repaid. If you do not apply for forgiveness, you will have to repay the loan.
Without treatment, PPP generally do not ever go away on their own. At best, they may seem to fade a bit over the years. That is why we highly recommend treatment as soon as you notice symptoms. By removing any PPP, you can avoid the negative effects it can have on your sex life right away.
The SBA can: (1) report the status of the loan(s) to credit bureaus, (2) hire a collection agency to collect the loan, (3) offset income tax refunds or other amounts due to the borrower from the Federal Government, (4) suspend or debar you or your company from doing business with the Federal Government, or (5) refer ...
Someone who has bipolar disorder, major depressive disorder, or another mental illness that prevents them from working or maintaining employment may qualify for disability pay. Learn more about this benefit, as well as mental health disability payment programs you or someone you love may qualify to receive.
If that happens, your payee must spend the money on your current needs such as rent and a security deposit, food or furnishing. The rest of the money can be used to pay for medical services, your education, improvements to your home or your debts.
Use of PPP Loan Proceeds
PPP loan amounts can be used for “owner compensation replacement,” calculated based on the 2019 net profit and the other allowable uses listed in the CARES Act (e.g., employee payroll costs, and certain business expenses).
The SBA PPP Loan funds have been replenished recently and are currently being disbursed among many small businesses throughout the U.S. Recently, Treasury Secretary Steven Mnuchin announced that all SBA PPP Loans of over $2 million will be subject to an audit.
While PPP loans were designed as a temporary and short-term relief from the economic decline due to the pandemic, SBA loans were created as a long-term financing solution. They have a more extended repayment or maturity term that can be up to 25 years, depending on the borrower's business sector.