The Paycheck Protection Program

(PPP SBA 7a)

Applications closed as of 8/8

​The Paycheck Protection Program (PPP) is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.  

  • As of 8/8/2020:  Current law dictates that the PPP closes at the end of 8/8. As such, the SBA is no longer accepting PPP applications from participating lenders. 

  • New rules announced 6/8/20: Updated rules and guidance, a modified borrower application form, and a modified loan forgiveness application will be provided in the near future. In the meantime, a summary of the rule changes is below.

    • Extend the covered period for loan forgiveness from eight weeks after the date of loan disbursement to 24 weeks after the date of loan disbursement, providing substantially greater flexibility for borrowers to qualify for loan forgiveness.  

      • Borrowers who have already received PPP loans retain the option to use an eight-week covered period.

    • Lower the requirements from 75% down to 60% percent of a borrower’s loan proceeds must be used for payroll costs during the 24-week loan forgiveness covered period. 

      • If a borrower uses less than 60% of the loan amount for payroll costs during the forgiveness covered period, the borrower will continue to be eligible for partial loan forgiveness, subject to at least 60% of the loan forgiveness amount having been used for payroll costs.

    • For a full list of updated rules visit the SBA's PPP website.

Want to familiarize yourself further with the Paycheck Protection Program?

  1. Small business owners must apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating.

  2. Visit the SBA's PPP website and review the FAQs for Lenders and Borrowers

  3. Review the Affiliation Rules for PPP 

  4. Review the PPP Interim Final Rule as of 6/12 (and revisions to the First Interim Final Rule)

  5. The SBA is also providing informational materials in other languages to assist non-English speakers with completing their applications.  ​

    • Please note: Many SBA programs, including the Paycheck Protection Program, require you to work with a bank, credit union, or other types of lenders that may not be able to accept materials or provide customer support in languages other than English.  Thus, applications must be submitted in English. All documents provided are for informational purposes only.

  6. Review these Fact Sheets from the Dept of the Treasury based on your role:

  7. Additional information:

    • The SBA has set up a call center for lenders having issues related to PPP: (833)-572-0502.

    • If interested in applying for the PPP loan, you must consult with either your current or a local lender as to whether it is participating in the program.

    • Applications are accepted through local lenders/banks that are SBA 7(a) approved, not the SBA, not the SBDC. ​

  8. Review these additional resources:

Ready to Apply for the PPP?

  • Access the PPP Borrower Application on the SBA's website - updated 6/24

  • Make sure you have reviewed the information and resources listed above. 

Ready to complete your PPP Loan Forgiveness Application?

  • There are two options:

  • To apply for forgiveness of your Paycheck Protection Program (PPP) loan, you (the Borrower) must complete the PPP Loan Forgiveness Application as directed by the SBA, and submit it to your Lender (or the Lender that is servicing your loan).

    • Borrowers may also complete this application electronically through their Lender. 

  • NEW: On September 3rd, the SBA and Treasury led an interagency "Ask the Regulator" webinar on the "Basics of PPP Loan Forgiveness and the SBA PPP Loan Forgiveness Platform.

    • View the recorded webinar and access the presentation here. 

    • View a copy of the presentation here. 

Want help understanding how to account for your EIDL or PPP funds? 

Want to see the summary data on PPP funds issued as of 7/8/20?

  • Over 4.8 million PPP loans have been approved totaling over $521 billion in funds.

    • The average loan size is $106,542 with 5,460 lenders participating with the SBA to issue these loans

  • For full data as of 7/6/20 and a break down of the loans issued above and below $150,000 by state, visit the SBA's website

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Illinois Department of Commerce and Economc Opportunity
City of Bloomington, IL
Town of Normal, IL

Our SBDC is funded in part through a cooperative agreement with the the U.S. Small Business Administration, the Illinois Department of Commerce and Economic Opportunity, Illinois Wesleyan University, the City of Bloomington, and the Town of Normal.