SBA Paycheck Protection Program

THE SBA PAYCHECK PROTECTION PROGRAM (PPP) is focused on existing small businesses looking for financial assistance to cover payroll costs for up to 8 weeks. The Paycheck Protection Program loan can also be used to cover costs of group healthcare/benefits, mortgage interest payments, rent payments or utility payments. Only for-profit businesses with less than 500 employees can apply through WWBIC. The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.


LOAN DETAILS:

  • Maximum of $250,000.
  • Term of 2 years, payments starting 6 months after dispersement.
  • Interest Rate: 1% Fixed.
  • SPECIAL: No collateral needed to qualify
  • ​Can be used for:
    • Payroll costs
    • Costs associated with providing group healthcare/benefits
    • Mortgage interest payments
    • Rent payments
    • Utility payments

REQUIRED DOCUMENTS:

  • 2019 Annual Payroll statement
  • Payroll statement showing business was actively paying salaries and payroll tax on 2/15/20
  • IRS form 941 (employer’s quarterly Federal Tax Return)
  • IRS form 944 (employer’s annual federal Tax)

FEES:

Fees are waived for the Paycheck Protection Program, including WWBIC’s standard $75 non-refundable application fee.


Go to our Loan Application to apply. For the question “How did you hear about our program?” on the Client Information section, please answer “Payment Protection Program”.

For additional details about eligibility and requirements, please visit the SBA’s website.

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