Impacted by COVID-19? Special assistance is now available.

Paycheck Protection Program

Paycheck Protection Program Loan Guarantee and Forgiveness


Program Overview 
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.  SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.  The Paycheck Protection Program will be available through June 30, 2020.  

Who Can Apply 
This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by coronavirus/COVID-19.  Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries.  Small businesses in the hospitality and food industry with more than one location could also be eligible at the store and location level if the store employs less than 500 workers. This means each store location could be eligible.

How to Apply
You can 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. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program.  

Lenders may begin processing loan applications as soon as April 3, 2020.  

What Do You Need to Apply

  • Application
  • 3 Years Business Tax Returns (Signed and Dated)
  • 3 Years Personal Tax Returns (Signed and Dated) If 2019 is not complete, send copy of extension and W-2.
  • Interims (if you don’t have 2019 taxes done, make sure you have P&L and Balance Sheet for 2019 and copy of the extension
  • Interims for this year (January – March)
  • Mortgage Statement or Lease Agreement
  • Utility Bills
  • SBA Personal Financial Statement
  • Details on the costs outlined below. Monthly data here for expenses incurred prior to February 15, 2020. They are looking for the average monthly costs from the last year.
    • Payroll information:
    • 1099 (If you have independent contractors)
    • IRS Forms 940 and 941
    • Payroll Summary
    • If you are a business where employees get tips and they include in their tips in their W-2’s, copies of those W-2’s

Please continue to visit our websites for updates to resources for your small business:

Florida SBDC at UNF Coronavirus Small Business Resource Page

Florida SBDC Network COVID-19 Business Disaster Assistance Page 

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