- As of 3/11/2021 we have stopped accepting applications for PPP loans.

Benefits of a Payment Protection Program Loan

Program Details

Paycheck Protection Program with SBA123

The Paycheck Protection Program (PPP) serves as an extension of the Small Business Administration (SBA) 7(a) loan program, allowing eligible small businesses to apply for federally guaranteed, forgivable loans.

  • 250% of average monthly payroll (350% for second draw only if restaurant or accommodations)
  • Loan amounts from $5,000 – $2 Million
  • Fixed 1% interest rate
    (for any unforgiven amount)
  • Maturity of 5 years for loans
  • No collateral or personal guarantees needed

Frequently Asked Questions

What are the Biden Administration 2/24/2021 key changes to PPP program?

  • Institute a 14-day period, starting Wednesday 2/25/2021, during which only businesses with fewer than 20 employees can apply for relief through the Program.
  • Help sole proprietors, independent contractors, and self-employed individuals receive more financial support.
  • Allow small business owners with prior non-fraud felony convictions ability to apply for the PPP loan.
  • Allow small business owners who are delinquent on their federal student loans the ability to apply and be approved for the PPP loan.
  • Allow non-US Citizen small business owners who are lawful U.S. residents by clarifying that they may use Individual Taxpayer Identification Numbers (ITINs) to apply and be approved for the PPP loan.
  • Allow sole proprietors, independent contractors and self-employed business owners to be approved using gross income, opposed to net income as provided the 2019/2020 tax returns.
Biden-Harris 2/24/2020 Changes to PPP Program Article

My 2019/2020 net Income is very low or I filed a loss, can I still get a loan?

As of 2/24/2021 the Biden Administration has made changes to the PPP Program. If you are a sole proprietor, independent contractor or self-employed, the SBA will use your gross income instead of your net income to calculate your PPP loan amount.

Can I submit my application during the mandated SBA freeze if I have 20 or more employees?

As of Wednesday, February 24 at 9AM ET, the SBA has mandated a two-week freeze, ending on March 10, on the processing of PPP applications for businesses with 20 or more employees. During this period, applicants with 20 or more employees may still fill out and submit their application through us, but these applications will not be approved by the SBA until the mandated freeze has expired and the loan has had time to be processed by the SBA. Employee count is based on the total number of employees, including full-time, part-time and seasonal employees.

Which type of business entities or employment types qualify?

  • Sole Proprietors
  • Corporations (S-Corp / C-Corp)
  • Partnerships (LLP, LP)
  • Independent Contractors
  • Gig Workers
  • Single Member LLC's (without employees)
Loan Documents Checklist

What is the application fee?

SBA123 does not charge an application fee to apply for the Payroll Protection ProgramLoan

I have already applied, can I apply again?

So long as you have not yet been funded by the SBA for a round 2 PPP loan, you are eligible to apply again. We actually recommend it! Once you receive round 2 PPP funds from any bank, you will not be eligible for a second round 2 PPP loan.

Do I need collateral to qualify?

No. Paycheck Protection Program loans are unsecured.

How long will it take to get my loan proceeds?

Usually within 10 days of your loan approval.

What is my interest rate?

The interest rate for Paycheck Protection Program loans is 1.00% fixed. The interest rate will apply to any portion of your loan amount that is not forgiven by the SBA.

Does the paycheck protection program have loan forgiveness?

If the funds are used on approved use of funds, the SBA may approve for up to 100% of the principal amount of the loan to be forgiven. In order to be eligible for a fully forgiven loan, no more than 40% of the loan forgiveness amount can be attributed to non-payroll forgivable costs. Borrowers must also maintain certain levels of employees and compensation in order to qualify for loan forgiveness. Please visit the loan forgiveness FAQ for details.

If I do not qualify for loan forgiveness, what will my monthly payment be?

Monthly payments will depend on the amount borrowed and the loan term. Any amount not forgiven will have an interest rate of 1.00% fixed for the term set forth in your initial loan agreement. If you fail to apply for forgiveness, no payments will be due until 10 months after the end of your covered period.

I would like to speak with someone to better understand my options, where can I get help?

SBA123's Account Managers are currently available and looking forward to answering all of your questions. You can email us at OR use our chat widget at the bottom of this page.

Average Turnaround Times

8 business days from application to approval decision

We have overstaffed our underwriting teams to adequately support increasing demand for the PPP program. Most of our customers receive a loan decision in 7-10 business days when their application is properly completed and submitted.

Time to get the process started

Start 2nd Draw PPP Application Here

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