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Paycheck Protection Program (PPP)

Multi-Ethnic Business Association

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Funding Amount

Varies

Deadline

Rolling / Open

Grant Type

foundation

Overview

Paycheck Protection Program (PPP)

Funder: U.S. Small Business Administration (SBA) / U.S. Department of the Treasury

Overview: Forgivable loan program created under the CARES Act to support small businesses, sole proprietors, independent contractors, self-employed persons, and eligible nonprofit organizations during COVID-19 pandemic.

Eligible Applicants:

  • Small businesses

  • Sole proprietors

  • Independent contractors

  • Self-employed persons

  • 501(c)(3) non-profit organizations

  • 501(c)(19) veterans organizations

  • Tribal businesses

    • Program Updates:

  • Launched April 3, 2020

  • Round 2 resumed April 27, 2020

  • As of May 2020: 3.8+ million loans processed totaling over $500 billion

  • Round 2: 2.2 million loans approved, $175 billion approved, average loan size $79,000

  • Approximately $135 billion still available (as of May 2020)

  • Paycheck Protection Program Flexibility Act (PPPFA) signed June 5, 2020, expanding eligibility and modifying terms

  • Eligibility expanded for applicants with felony convictions (look-back period reduced from 5 to 1 year for non-financial felonies)

    • Regional Distribution (as of May 2020, Round 2):

  • Alaska: 3,920 loans worth $338.7 million

  • Idaho: 12,411 loans worth $719.8 million

  • Oregon: 31,119 loans worth $3 billion

  • Washington: 50,288 loans worth $5 billion

    • Languages Available: Spanish, Arabic, Chinese (Mandarin/Cantonese - Simplified and Traditional), French, German, Gujarati, Haitian Creole, Hindi, Italian, Japanese, Korean, Polish, Portuguese, Russian, Tagalog, Vietnamese

    Status: Posted May 4-June 15, 2020 (historical/expired)

    How to Apply

    How to Apply

    1. Connect with a Lender: Applicants must connect with one of 5,400+ approved SBA lenders
    2. Use PPP Lender Finder: Visit PPP Lender Finder or contact local SBA office
    3. Submit Application: Lender submits PPP application form (revised versions available per PPPFA guidance)
    4. Loan Forgiveness: After 8-week covered period, borrowers apply for loan forgiveness using SBA Forgiveness Application

    Required Information

    Forgiveness Application includes:

  • Options to calculate payroll costs using "alternative payroll covered period" aligned with regular payroll cycles

  • Flexibility to include eligible payroll and non-payroll expenses paid/incurred during 8-week period after loan disbursement

  • Step-by-step instructions for forgiveness calculations

  • Exemptions from forgiveness reduction based on rehiring by June 30

  • Good-faith written offer to rehire (if declined) exemption

    • Revised Application Changes (per PPPFA):

  • Updated loan maturity provisions

  • Modified loan payment deferral terms

  • Updated forgiveness provisions

  • Expanded eligibility for applicants with felony criminal histories

    • Apply with Grantable Learn more

    Focus Areas & Funding Uses

    Fields of Work

    small-businessesnonprofitsveteran-businesseshardship

    Categories

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