Small Business Owner’s Resources during COVID-19 Crisis

Paycheck Protection Program

Paycheck Protection Program, part of the COVID-19 CARES Act, provides cashflow assistance from 100% federally guaranteed loans to employers who maintain their payroll during the COVID-19 crisis.

If employer maintains their payroll throughout the emergency period, the loan amount will be forgiven up to 8 weeks of payroll based on employee retention and salary levels. This also includes no SBA fees, and 6 months of deferral with maximum deferral period up to a year.

Small businesses and eligible entities will be able to apply for the Paycheck Protection Program if their business was harmed by COVID-19 between February 15, 2020 and June 30, 2020. It’s important to note that this program is retroactive to February 15, 2020 in order to help bring workers back onto the employer’s payroll.

Important: Paycheck Protection Program loan is provided through local and national banks that provide SBA 7(a) loans.  Loans are available through June 30, 2020.

Requirements for Paycheck Protection Program

The following businesses and entities with fewer than 500 employees that were in operations on February 15, 2020 are eligible for the Paycheck Protection Program:

  • Small Business concern or any business concern per SBA qualification for small businesses
  • 501(c)(3) Non-profit organization
  • 501(3)(19) Veterans organization
  • Tribal business concern that has fewer than 500 employees
  • Applicable businesses defined by SBA size standard specified in the NAICS if employees exceeds 500
  • Sole proprietor
  • Independent contractor
  • Self-employed individual
  • Any business that employs no more than 500 employees per physical location and is assigned NAICS code beginning with 72 (See SBA Size Standard)
  • Businesses operating as a franchise that is assigned a franchise identifier code by the SBA and that company receives funding through a Small Business Investment Company
Paycheck Protection Program Loan Amount

Paycheck Protection Program loan amount (maximum of $10 million) will be determined based on the following:

If your business or entity were in business on February15, 2019 – June 30, 2019:  Maximum loan is equal to 250% of your average monthly payroll costs during that time period. If your business employs seasonal workers, you can use March 1, 2019 as your start date.

If your business or entity was not in business between February 15, 2019 – June 30, 2019: Maximum loan amount is equal to 250% of your average monthly payroll costs between January 1, 2020 to February 29, 2020.

If you received EIDL between February 15, 2020 – June 30, 2020 and want to refinance that loan into a PPP loan, add the outstanding loan amount to the payroll sum.

Eligible Payroll Costs

The following costs associated with payroll are eligible for the Payroll Protection Program loan:

  • Salary, wage, commission, or similar compensation, payment of cash tip or equivalent
  • Payment for vacation, parental, family, medical, or sick leave
  • Allowance for dismissal or separation
  • Payment required for the provisions of group health care benefits, including insurance premiums
  • Payment of any retirement benefit
  • Payment of state or local tax assessed on the compensation of employees
Not Eligible Payroll Costs

The following costs are not eligible for the use of Paycheck Protection Program Loan:

  • Employee/Owner compensation over $100,000
  • Taxes imposed or withheld under chapters 21, 22, and 24 of the IRS code
  • Compensation of employees whose principal place of residence is outside of the U.S.
  • Qualified sick and family leave for which a credit is allowed under sections 7001 and 7003 of the Families First Coronavirus Response Act
Allowable Uses for Paycheck Protection Program Loan

Paycheck Protection Program loan can be used to cover the following::

  • Payroll costs (See Eligible Payroll Costs listed above)
  • Costs realted to the continuation of group health care benefits during periods of paid sick, medical, or family leave, and insurance premiums
  • Employee salaries, commissions, or similar compensations
  • Payments of interests on any mortgage obligation (does not include any prepayment of or payment of prinicipal on a mortgage obligation)
  • Rent (including rent under a lease agreement)
  • Utilities
  • Interest on any other debt obligations that were incurred before the covered period
Loan Terms

Any amount not forgiven, the following are the Paycheck Protection Payment Loan terms:

  • Maximum term: 10 Years
  • Maximum interest rate: 4%
  • Zero loan fees
  • Zero prepayment fee
  • Any application fees will be established by SBA with a cap for lenders that charge application fee
Calculation of Loan Forgiveness Amount

Forgiveness amount of the federally guaranteed Payroll Payment Protection loan is equal to the sum of the following payroll costs incurred during the covered 8-week period compared to the previous year or time period, proportionate to maintaining employees and wages (compensation of employee/owner over $100,000 are excluded):

  • Payroll costs plus any payment of interest on any covered mortgage obligation (prepayment or principal payment on a covered mortgage obligation are excluded) plus any payment on any covered rent obligation plus any covered utility payment

Information provided by U.S. Senate Committee on Small Business & Entrepreneurship, Small business Administration and other information providers. See Find Start Grow Disclaimer prior to using contents of this site before use. 

100 Most Active SBA 7(a) Lenders List

As of 12/31/2019 per SBA

Lender Name# of Approval Total Loan Amount 
Live Oak Banking Company250 $            347,271,200
Newtek Small Business Finance253 $            205,579,500
Wells Fargo Bank692 $            144,769,600
Byline Bank108 $            126,171,900
The Huntington National Bank762 $            124,924,100
Celtic Bank Corporation142 $            114,060,900
JPMorgan Chase Bank472 $               91,328,900
U.S. Bank697 $               83,206,500
KeyBank National Association105 $               77,272,900
Readycap Lending63 $               73,215,400
First Home Bank276 $               62,122,400
Truist Bank d/b/a Branch Banking & Trust Co87 $               62,065,900
Bank of Hope115 $               60,270,800
Seacoast Commerce Bank55 $               60,255,900
Stearns Bank National Association231 $               59,576,100
Citizens Bank45 $               53,306,800
TD Bank549 $               51,830,500
Bank of the West103 $               51,620,500
Manufacturers and Traders Trust Company344 $               49,768,500
Bank of America101 $               46,762,400
Berkshire Bank48 $               46,018,800
MUFG Union Bank42 $               44,208,900
Umpqua Bank39 $               44,102,100
United Community Bank54 $               43,061,500
PromiseOne Bank34 $               40,871,000
Pacific City Bank37 $               40,759,000
United Midwest Savings Bank153 $               38,218,000
Pinnacle Bank34 $               37,891,500
CenterState Bank29 $               37,798,200
Pacific Western Bank26 $               37,672,800
First Bank46 $               36,631,300
Hanmi Bank53 $               34,812,000
First IC Bank16 $               34,547,000
Cadence Bank82 $               31,460,800
Five Star Bank141 $               30,676,000
BBVA USA53 $               30,376,600
Commonwealth Business Bank28 $               30,329,000
Bank of George12 $               29,893,000
Citizens Bank54 $               29,648,900
Zions Bank86 $               28,644,300
Open Bank24 $               28,481,000
Midwest Regional Bank35 $               28,304,000
VelocitySBA22 $               28,028,500
IncredibleBank30 $               27,838,800
Harvest Small Business Finance20 $               27,835,900
Metro City Bank26 $               27,442,600
First Savings Bank49 $               25,885,000
Hana Small Business Lending9 $               23,976,000
Comerica Bank75 $               23,832,800
Fountainhead10 $               22,714,000
NewBank24 $               22,706,000
Regions Bank30 $               22,689,000
First Financial Bank36 $               22,611,100
Independent Bank24 $               21,548,300
Cathay Bank11 $               21,250,000
US Metro Bank17 $               20,812,000
First Horizon Bank9 $               20,369,900
First National Bank of Pennsylvania25 $               20,280,200
Capital One12 $               20,160,200
The MINT National Bank7 $               19,949,000
Shinhan Bank America15 $               19,404,000
Atlantic Capital Bank30 $               19,340,400
Wallis Bank14 $               19,151,600
West Town Bank & Trust46 $               19,025,200
Customers Bank15 $               18,989,800
TCF National Bank30 $               18,472,400
First-Citizens Bank & Trust Company24 $               18,469,700
Peoples Bank22 $               18,232,400
HomeTrust Bank12 $               18,154,000
Frost Bank29 $               18,066,400
Seacoast National Bank72 $               17,963,500
PNC Bank122 $               17,596,300
Mountain Pacific Bank6 $               17,322,500
United Business Bank19 $               17,315,500
Stone Bank13 $               17,044,000
BankUnited17 $               17,019,000
Embassy National Bank12 $               16,407,900
East West Bank25 $               16,169,800
Fifth Third Bank57 $               15,715,000
Ameris Bank13 $               15,247,000
Northwest Bank55 $               15,194,600
Fulton Bank40 $               15,181,000
Peapack-Gladstone Bank11 $               15,095,000
America First FCU22 $               15,071,100
First Chatham Bank9 $               15,032,500
Poppy Bank15 $               15,025,100
First General Bank5 $               15,017,000
Patriot Bank10 $               14,938,300
Synovus Bank16 $               14,638,300
Royal Business Bank7 $               14,545,000
Republic First Bank7 $               14,522,000
Sunflower Bank19 $               14,233,100
Quantum National Bank8 $               13,923,500
UniBank14 $               13,769,500
First Commonwealth Bank22 $               13,751,500
21st Century Bank22 $               13,746,500
Centerstone SBA Lending8 $               13,302,000
Falcon National Bank14 $               13,296,100
First Western SBLC6 $               13,262,000
FinWise Bank13 $               13,218,000

ADDITIONAL RESOURCES

Economic Injury Disaster Loan & Emergency Grants

Provides low interest loans of up to $2 million and emergency advance of up to $10,000 to small businesses and private non-profits affected by COVID-19 within 3 days of applying for SBA Economic Injury Disaster Loan.

Apply for SBA Loans

Provides low interest loans of up to $2 million and emergency advance of up to $10,000 to small businesses and private non-profits affected by COVID-19 within 3 days of applying for SBA Economic Injury Disaster Loan.

Small Business Debt Relief

Small Business Debt Relief Program provides immediate relief to small businesses with non-disaster SBA loans. This program applies to loans such as 7(a), 504, and microloans.

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