Paycheck Protection Program Loans (PPP)
A COVID-19 disaster relief program designed to give you essential funds to pay workers, rent and other expenses
If you’re running a business, chances are it’s been negatively impacted by COVID-19. You need money to keep things afloat and pay your employees, but you also need to know that your PPP loan is in good hands.
At Pursuit, you’ll find a PPP process that only a local lender can provide. After submitting your application through our easy-to-use digital platform, you can access support from real people who will answer your questions and process your application efficiently. You’ll also receive information that will help you manage and maximize loan forgiveness.
The Paycheck Protection Program is an SBA loan program launched to help small businesses get back on their feet after COVID-19 related closures and restrictions. The loan offers a forgiveness feature, meaning that all or some of it will not need to be repaid depending on how it is spent. Learn more about what the program can offer you.
Easy-to-use digital application
Customer support available throughout the process
PPP through Pursuit loan details
- Loan amount: Up to 2.5x your business’s average monthly payroll costs. Pursuit’s PPP maximum is $350,000
- Interest rate: 1%, fixed for the life of the loan
- Term: 5-year term; payments are not required until loan forgiveness
has been determined
- Fees: No fees
- Loan forgiveness: All or a portion of the loan may be forgiven if the business complies with rules regarding usage of the fund
- Collateral: Collateral or personal guarantees are not required
Will I qualify for PPP?
PPP is designed to help small businesses struggling because of COVID-19 related restrictions and shutdowns. If you meet the following requirements, you’re a good candidate for PPP:
- Less than 500 employees
- Operational on or before February 15, 2020
- You must have employees which are paid salaries and payroll taxes, or you paid independent contractors as reported on Form 1099
It is important to note that a wide variety of businesses are eligible for the program. Both for-profit and non-profit small businesses are eligible. In addition, sole proprietorships, independent contractors, and other self-employed individuals can obtain PPP loans.
How can I use my PPP loan?
You can use your PPP loan to pay a variety of business expenses during the COVID-19 crisis. These expenses include:
- Salaries, wages, payroll, independent contractors (1099), benefits, etc.
- Rent & utilities
- Interest on mortgages and other loans
- Refinance of an SBA Economic Injury Disaster Loan (EIDL) made after January 1, 2020
If your goal is to get all or most of your loan forgiven, you will need to ensure that the money is spent according to SBA guidelines. You can learn more about these guidelines here.
How can I apply for PPP through Pursuit
You can start the process by signing up to apply for the Paycheck Protection program. Please note that the program expired on August 8th. Pursuit is continuing to accept applications and will process them if the program is reinstated.
To ensure a smooth application process, please have digital versions of the documents below ready before you start your application.
- Proof of payroll costs for 2019 (This can include reports from your payroll provider or a list of employees with salaries, taxes and benefits. If you are an independent contractor, please include your 2019 IRS Schedule C and your IRS Form 1099 Misc if available.)
- IRS Form 941 Employer’s Payroll Tax Report for 2019 (four quarters) or similar document
- Payroll statement for period on or around 2/15/2020 showing that business paid salaries and payroll taxes
- Voided Business Check (this account will be used to deposit funds and withdraw monthly loan payments, if applicable)
- Government Issued Photo ID for all owners with 20% or more interest in the business.
The PPP loan is administered by Pursuit BDC