Paycheck Protection Program Loans

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What is a PPP Loan?

Paycheck Protection Program Loans (PPP)  is a business loan program that the United States federal government created to distribute $953-billion worth of funds to businesses, self-employed workers, and non-profit organizations. This loan was initiated as a part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

The PPP Loan has allowed business entities to apply for low-interest private loans to cover payroll to employees, bill payments, rent, and other costs.

By the end of May 2020, the U.S. government had distributed a total of $510 billion to businesses throughout the country. The majority of these loans went to California, Florida, New York, Pennsylvania, Illinois, and Texas


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The Paycheck Protection Program’s Eligibility requires the applicant to be a small business, a sole proprietor, self-employed, an independent contractor, a veterans organization, a tribal enterprise, or a non-profit organization. Applicants need to have been fully operational on February 15, 2020, and some must have paid contractors or employees.

The business entities need to have no more than 500 employees worldwide. They must also have a net worth no greater than $15 million or an average net income no greater than $5 million from the two fiscal years before the application date. Naturally, applicants must also be in the United States.

Some businesses that were approved for a PPP loan may also be eligible for a second draw PPP loan.

Passive business owners, household employees, or business owners facing legal issues are not eligible for PPP loans

Covered Period and Loan Forgiveness

The Small Business Administration (SBA) was initially defined by the Paycheck Protection Program loan’s coverage period as either 24 weeks starting from the loan’s disbursement date or eight weeks if the applicant received the loan before June 5, 2020. Recently the coverage period was changed to either 24 weeks or eight weeks after the loan was initiated.

The PPP loan has since been extended to March 31, 2021, allowing the coverage to conclude 24 weeks after this date if applied on this final date. The PPP loan is forgivable by the SBA if the business entities meet the mandatory employee retention criteria and if the funds are used only for eligible expenses, as outlined by the CARES Act.

Application Process

Applications for the PPP loan must be made through an eligible private lender, such as a bank or credit union. The applicant must include any documentation to support the amount of the loan they are applying for. These can consist of payroll reports, expense sheets, bank records, or tax filings.

Lenders are required to notify applicants of their decision on the PPP loan application within 30 days of the lender receiving a response from the SBA.

Final Thoughts

While Paycheck Protection Program loans were intended to help the American people during these uncertain times, many economists have suggested that the loan did not do much to save jobs and instead helped low-risk businesses. 

Needless to say, the PPP program offers a response to the current crisis. If you feel you could qualify for a PPP loan, iCapital Funding can help you with the application process. Contact us today to speak with one of our representatives.

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