For payroll, rent, and other qualified uses*
How to Get a Paycheck Protection Program Loan
Credibly’s platform makes applying for a PPP loan simple, fast, and secure. Follow the instructions below to get started.
How Do You Calculate PPP Loan Forgiveness Amount?
No more than 25% of the forgiven amount can be used for non-payroll costs like mortgage interest, rent, and utilities. If your business has laid off employees, that will also affect how much your loan can be forgiven.
To receive loan forgiveness, a borrower must apply to their lender with documents verifying payments and payroll details (number of employees, pay rates including IRS payroll tax filings and state income, payroll, and unemployment insurance filings). These documents must be certified from a representative of the business that the information is true.
When Do Paycheck Protection Program Loan Payments Start?
PPP loan payments that are not forgiven are deferred for the first 6 months. Payments can be deferred up to 12 months for borrowers who qualify.
Can You Get a PPP Loan If You Have Other Existing Loans?
Yes. You can qualify for a PPP loan even if you already have existing financing (including other SBA loans). That said, you cannot use the funds from PPP loans and other loans for the same use, at the same time. For example, if you use a disaster loan (EIDL or loan advance) to pay your business’s rent in a given month, you cannot also apply for a PPP loan to cover that month’s rent.
Do You Have to Prove Economic Injury for PPP Loans?
For Economic Injury Disaster Loans (EIDL), small businesses need to prove they’ve experienced “substantial economic injury.” Unlike disaster loans, Paycheck Protection Program loans provided under the CARES Act are funded with the understanding that your business has experienced the negative impact of COVID-19. While PPP loans are easier to qualify for, they are not tied directly to economic losses suffered as a result of the disaster.
Subject to approval.
*Loan forgiveness is subject to providing follow-up supporting documentation for use of funds. At least 75% must be used for payroll during 8 week period after funding.