The SBA has released new applications for the latest round of SBA Paycheck Protection loans.
Borrowers who have NEVER applied for or received a SBA PPP loan may apply for a SBA PPP loan starting on Monday, January 11th by downloading an application HERE.
Schedule C Filers using their gross income can download an application HERE.
All applications are due by Wednesday, May 31st.
FIRST-TIME APPLICANT REQUIREMENTS
- Covered eligible expenses have been expanded. This means borrowers can use the funds for many other purposes in addition to payroll, mortgage interest/rent, and utilities. New covered eligible expenses include: Covered Operations Expenditures, Covered Property Damage Cost, Covered Supplier Cost, Covered Worker Protection Expenditure.
- Maximum loan amount is $10mm
- Maximum number of employees is 500
To find your NAICS code, follow this safe link.
Agents who are preparing PPP loans for clients, please download and complete the Agent Fee Disclosure & Compensation Agreement form HEREand submit it with your client's SBA PPP application(s).
If you have any questions, please contact your First Metro Bank loan officer or a member of the SBA Loan Team at 256-386-0600.