Paycheck Protection Program

Dollars

Through the Small Business Administration, banks are offering the Paycheck Protection Program or PPP loan for businesses to be able to cover payroll costs during the pandemic.

The PPP loan has two versions. One for businesses that has employees and one for sole-proprietors with no employees.

The loan can be forgiven after a certain period. The forgiveness application must be obtained from the bank that issued the loan.

If you cannot obtain a loan from your local bank or do not meet their criteria, here are some alternative banks that may issue the loan, subject to their terms:

 

Kabbage Bank/K Servicing

Currently the bank is only serving customers that obtained the first round of PPP loan in 2020, but you can still sign up on their waiting list

PayPal/ Loan Builder

If you're a business that uses PayPal products and services, you may be able to obtain the PPP loan from their third party provider.