All FAQ's from the original round of PPP loans apply here except as otherwise stated below.

For loans less than $250,000, no personal guaranty is required.If not fully forgiven, the loan becomes a 5-year, 1%-APR term loan.Loan is fully or partially forgivable (does not require paying back) if at least 60% is used on payroll.IRS Form 944 (if 944 is selected, also ask for IRS 944 Written Permission).Nonprofits, Veterans, and Tribal Organizations, choose one:.IRS Form 941s, IRS Form 944 or W2 for all employees (if business has payroll).Sole proprietors or single-member LLCs:.Eligible Self-Employed Individuals, Independent Contractors:.S-Corp, C-Corp, Partnerships, multi-member LLC, choose one:.Ownership information (for all owners with 20% or more interest).ĭocumentation sufficient to demonstrate the qualifying payroll amount might include the following depending on the type of business.ĭocuments required for certain business types:.Bank statements or other evidence that you were in business on February 15, 2020.Most recent tax returns for 2019 and management prepared financials for 2020.

Government-issued photo-identification.

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Businesses in certain industries, including but not limited to gun sale, gambling, lobbying, etc., are not eligible.

If the applicant is the debtor in a bankruptcy proceeding, or have defaulted on a SBA-guaranteed loan, they are ineligible.

Businesses that are permanently closed are not eligible for a PPP loan.

Ineligible Businesses (not comprehensive)

Borrowers with past non-fraud felony convictions may now apply.

Borrowers with delinquent student loans may now apply.

This includes refugees and those with asylum status.

Lawful US residents with only an Individual Tax Identification Number (ITIN) may apply.

NEW! Eligibility changes and clarifications announced Feb.

Non-profits, including churches and 501(c)(6) membership organizations.

See for the complete list of ineligible businesses) (those that are NOT in restricted industries.

Includes Corporations, LLCs, Sole proprietors, independent contractors, and eligible self-employed individuals.

First-time PPP borrowers may be eligible for the PPP First Draw loan.

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