Business Services

Small Business Paycheck Protection Program

As part of the CARES Act, the Paycheck Protection Program (PPP) provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on business mortgages, rent, and utilities. Click here for the SBA’s program overview.

For New Applications:

Please click this link to complete our new digital Paycheck Protection Program experience: SBA Paycheck Protection Program Application*.  

Please make sure to include the following documentation with your submission:

  1. PPP Application – Most recent version as of 04/10/2020 above
  2. EDD Wages Report and/or Payroll Summary for period 01/01/2019 through 12/31/2019
  3. Note: If the applicant prepares the payroll summary on their own (without a payroll processor), the payroll amount will need to be corroborated with bank records.
  4. Payroll Summary for Q1 2020 to validate the applicant was operational 02/15/2020

Applicants will be required to provide Average Monthly Payroll as described below (as found in the application):

"For purposes of calculating 'Average Monthly Payroll', most Applicants will use the average monthly payroll for 2019, excluding costs over $100,000 on an annualized basis for each employee. For seasonal businesses, the Applicant may elect to instead use average monthly payroll for the time period between February 15, 2019 and June 30, 2019, excluding costs over $100,000 on an annualized basis for each employee. For new businesses, average monthly payroll may be calculated using the time period from January 1, 2020 to February 29, 2020, excluding costs over $100,000 on an annualized basis for each employee." (Source: Borrower Paycheck Protection Program Application)

Paycheck Protection Program Flexibility Act HR 7010:

Loan Forgiveness Changes

  • Extends the PPP loan forgiveness period to include costs incurred over 24 weeks after a loan is issued or through Dec. 31, whichever comes first. Businesses that received a loan before the measure is enacted could keep the current eight-week period.
  • Extends to Dec. 31 from June 30 a period in which loans can be forgiven if businesses restore staffing or salary levels that were previously reduced. The provision would apply to worker and wage reductions made from Feb. 15 through 30 days after enactment of the CARES Act, which was signed into law on March 27.
  • Maintains forgiveness amounts for companies that document their inability to rehire workers employed as of Feb. 15, and their inability to find similarly qualified workers by the end of the year. Under the modified measure, companies would be covered separately if they show that they couldn’t resume business levels from before Feb. 15 because they were following federal requirements for sanitization or social distancing.

It also:

  • Requires businesses to spend at least 60% of their PPP funds on payroll expenses to qualify for full loan forgiveness, instead of the current 75% rule.
  • Repeals a provision from the CARES Act that barred companies with forgiven PPP loans from deferring their payroll tax payments.
  • Allows borrowers to defer principal and interest payments on PPP loans until the SBA compensates lenders for any forgiven amounts, instead of the current six-month deferral period. Borrowers that don’t apply for forgiveness would be given at least 10 months after the program expires to start making payments.
  • Establishes a minimum loan maturity period of five years following an application for loan forgiveness, instead of the current two-year deadline set by the SBA. That provision would apply to PPP loans issued after the measure is enacted, though borrowers and lenders could agree to extend current loans.

Business membership is required for Kinecta to assist with SBA Paycheck Protection Program applications. If you are not yet a Kinecta business member and wish to become one, please visit our Business Membership page.

If you have any questions regarding your Paycheck Protection Program Loan Forgiveness, please send an email with your business name to:

*Membership requirements may apply. Terms and qualifications are subject to change.