Paycheck Protection Program Loans: Information and Application

Paycheck Protection Program Loans: Information and Application


Trillion Dollars Stimulus


Billion Dollars For Small Businesses


Pages On CARES Act


Days To Apply*

1.0% Fixed Interest Financing

Welcome to Payment Protection Loans, the site that will help you learn and apply for a Paycheck Protection Program loan and get your share of the governmental stimulus for small businesses. Paycheck Protection Program financing is available only via SBA lenders.

* Application begins January 12 2021 and ends at March 31, 2021.

** Opens on an external website which will also test your eligibility for a PPP loan.

What You Need to Know About Paycheck Protection Program Loans

Why has it been Established? The Paycheck Protection Program has been set up to ensure that small businesses can continue to pay employees and cover costs during this unprecedented health crisis. For up to eight weeks, this program can be used to cover the entire cost of payroll and other eligible expenses.

Who is Eligible? All businesses – including small businesses, nonprofits, veterans organizations, Tribal business concerns, sole proprietorships, self-employed individuals, and independent contractors – with 500 or fewer employees can apply. Borrowers with 300 or fewer employees can apply for a second-draw of PPP funding in the third round of PPP financing launched in 20201.

In certain industries businesses can employ more than 500 members of staff and still meet the criteria if they meet the SBA’s size standards for those industries.

When is the Scheme Open? The paycheck protection program was initially set to run from April 3rd – June 30th 2020. The launch was delayed until April 6th and the original program  was extended to August 8th. The latest round of PPP funding opened January 11th 2021 and is set to run until March 31st 2021.

How Can You Submit a PPP Loan Application?

You can apply through an established online lender or your local bank.

Thousands of banks, credit unions and online lenders are approved to make emergency Small Business Administration Loans.

If you meet certain criteria, all of your eligible expenses for up to 24 weeks will be 100% forgiven.

Loan size is up to $10 million (second-draw loans up to $2 million) and loans can be used to cover payroll, paid sick leave, insurance premiums, rent, utilities, and mortgage payments.

You are required to complete the Paycheck Protection Program loan application form with the required documentation and submit the application to an approved lender that is available to process your application by March 31st, 2021.

How to Apply for Government Backed PPP Loans

Companies looking to register for the paycheck protection program and receive a loan approval fast should consider using Become Business Loans.

Become hold a direct relationship with a wide variety of SBA 7(a) approved lenders who are participating in the paycheck protection program. Acting as a loan aggregator, Become will match you with the most appropriate lender to your business needs who will then issue you with your paycheck protection loan. These are established online lenders who are used to approving and releasing small business loans in under 24 hours.

Why use Become?

Apply for a loan with multiple SBA lenders at the same time through a single application form.

Why use Become?

Quick, simple, and easy way to apply through an online system without having to leave home.

Why use Become?

Become is a successful business loan marketplace working with 50+ lenders in the USA with an average customer rating of 4.7 / 5.

Provided by Dept. of Treasury

Announcing the re-launch of the initiative, the Secretary of Treasury Steven Mnuchin said, “The Paycheck Protection Program has successfully provided 5.2 million loans worth $525 billion to America’s small businesses, supporting more than 51 million jobs. This updated guidance enhances the PPP’s targeted relief to small businesses most impacted by COVID-19.  We are committed to implementing this round of PPP quickly to continue supporting American small businesses and their workers.”

Click on the above link to learn the terms for the Paycheck Protection Program on the U.S treasury site. If any lender or information site makes claims not referenced on the U.S treasury site, you should be weary of that.

To apply for a Paycheck Protection Program Loan - Have the Following Documents Ready

All Applicants for a PPP Loan Need to Show the follow:

  • Bank account and routing number
  • Business start date


There are additional requirements as per below

Sole Proprietors and Self Employed

  • 2019 IRS Form 1040-C if your business is a sole proprietorship
  • 2019 IRS Form 1099-MISC if any independent contractors have been paid, not to exceed $100,000 for the year

Companies with employees

  • 2019 IRS Form 941 for quarterly salary, wages, commissions, and tips
  • 2019 IRS Form 944 same as 941, but annualized
  • 2019 IRS Form 940 for any unemployment costs
  • 2019 IRS Form W-3
  • 2019 IRS Form 1099-MISC for any independent contractors paid, not to exceed $100,000 for the year
  • 2019 IRS Form 1040-C if your business is a sole proprietorship

Monthly payroll statements which detail the following:

  • Salary, wages, commissions, and tips if applicable (not exceeding $100,000 annually for each employee)
  • Cost of vacation, parental, family, medical or sick leave of employees
  • Cost of separation or dismissal of employees
  • State & local taxes based on employee compensation

Reasoning for the Paycheck Protection Program and CARES Act

The coronavirus COVID-19 pandemic is affecting 220 countries with over 90 million people testing positive for the virus globally to date and around 25% of these or 23 million cases now confirmed in America (true Jan 11, 2021 – up to date statistics available here). 

Small businesses in America are being impacted from Coronavirus in a variety of ways:

  • Supply chain failure – especially those importing from overseas
  • Exports/Imports are being held for clearance 
  • Fewer customers resulting from social distancing
  • No foreign tourists 
  • Contracts are being cancelled due to panic
  • Difficulty in employment
  • Travel bans/restrictions/risks

The coronavirus pandemic is continuing to have a long and sustained impact on both major and developing economies around the world. US GDP for Q3 of 2020 rebounded at a 33.4% annualized rate but the economy remains 3.5% below its level at the end of 2019. With Q4 GDP numbers still to be released, the economy appears to have lost momentum, however, with the year drawing to an end amid raging new Covid-19 cases and reduced fiscal stimulus. 

Part of the reason for higher US numbers are as a result of better testing capabilities of course but make no doubt about it, the US is the epicentre of COVID-19. The global impact alone would be enough to damage the US economy but given the huge volumes of coronavirus spreading in the US and slow pace of vaccine rollout, that’s why we’re seeing major US banks still cautions on their growth forecasts for the US economy in 2021.

These are truly unique times that nobody alive right now has ever experienced. It’s why we’re seeing such unprecedented moves by the US Government in granting what are in effect government small business loans that can be fully forgiven providing you prove you are using them on eligible business expenses.

Who is Eligible for Paycheck Protection SBA Loans?

Small Business
Small Business

Under 500 employees.

Sole Proprietors
Sole Proprietors

Or independent contractors.

Nonprofit organizations
Nonprofit organizations

And veteran-owned businesses.

Paycheck Protection Program Loan Forgiveness

You will be able to seek loan forgiveness through the SBA lender who provided you the loan. Such loan forgiveness requests for Paycheck Protection Program financing need to be made by enclosing the following documents.

  • Number and wage of full time employees in this period who have been paid in full.
  • Covered mortgage interest payments
  • Covered rent payments
  • Covered utilities payments

In order to seek  PPP loan forgiveness you must prove that in this relevant period you have done all in your power to maintain employees and pay your bills.

Lenders will be forced to approve or disapprove such a request in a period of no more than 60 days.

Articles, Opinions and Recent News

On December 27th 2020, Congress revived the Paycheck Protection Program as part of the $900 billion COVID-19 relief bill that was signed into law. Out of a $659 billion pool, the original PPP provided $525 billion in forgivable loans over five months before it stopped accepting applications in August. The newly agreed PPP has $284.5 billion available to SMESs, including $35 billion for first-time loans and $15 billion set aside for community financial institutions.

If used only for the approved business purposes all loans through the paycheck protection program will be 100% forgiven.

Below you can find additional information about the global pandemic of Coronavirus and how it has affected small businesses and the American economy as a whole, which has led to the current stimulus bill (CARES Act) and the Paycheck Protection Program.


On April 21, 2020, Round 2 of Paycheck Protection Loans was approved by the Senate, injecting additional $310bn into the PPP program.

On June 5, 2020, President Trump signed into law the Paycheck Protection Program Flexibility Act (PPPFA) – making key changes to improve accessibility to PPP funding. Including lowering the proportion that has to be used on payroll from 75% to 60%, extending the loan forgiveness period from 8 weeks to 24 weeks and pushing the deadline back for rehiring staff from June 30 to December 31, 2020.

On Dec 27, 2020 the treasury announced a further $900 billion in support measures for the US economy, including an additional $284.5 billion for the paycheck protection program – open to both first and second time borrowers.