PPP Loan Forgiveness Estimator


Update 5/4/2020



Update 4/27/2020


 SBA/Treasury Releases Additional PPP Guidance – How to Calculate Maximum Loan Amounts – by Business Type

SBA releases Procedural Notice on Participation Sales of PPP Loans

 SBA/Treasury publishes 4 new FAQs: Housing stipends; principal residence in US; Ag producer, farmer, rancher eligibility

SBA releases new Interim Final Rule:  Business Loan Program Temporary Changes; Paycheck Protection Program Requirements – Promissory Notes, Authorizations, Affiliation, and Eligibility


Update 4/7/2020


To learn more about PPP, view this webinar

or review this slide deck


Update 4/3/2020


Lenders began accepting Paycheck Protection Loan (PPP) applications Friday, April 3rd, for small businesses and sole proprietors. Independent contractors and self-employers can begin submitting applications on April 10th. This program provides potentially forgivable loans in amounts to cover 2.5 months of payroll or $10 million (whichever is less).

To apply for a PPP:

  • Review the application and gather the necessary materials such as payroll tax filings, proof of lease payments, proof of mortgage payments, and proof of utility payments
  • Get in contact with your accountant and/or bank that pays out your business’s payroll. Ask your lender if it is authorized to process your Paycheck Protection Program loan. Region 10 Business Loan Fund is not a lending participant in the PPP program. 
  • If you are not connected to an authorized lender, you can search for an eligible lender here. If you are unable to find an eligible lender, you contact the local Colorado SBA District Office. We are also working on a list of eligible lenders to share and post in the near future.

The PPP is a part of the CARES act enacted last week. We encourage you to review all of the grants and loans that are now available to you through this Act.

Available Federal Grant and Loan Products include:

Note: You have the ability to wait to accept a product, loan, or grant after you apply and are approved. Depending on your situation, a prudent action would be to apply to multiple products and as you weigh your options and learn more of the intricacies of how they interact together, you can then make additional informed decisions on how you will choose to use and expend each of the grants and loans.


PPP Overview

The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.

SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.

The Paycheck Protection Program will be available through June 30, 2020.

Who Can Apply

This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private nonprofit organizations or 501(c)(19) veterans organizations affected by coronavirus/COVID-19.

Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries.

Small businesses in the hospitality and food industry with more than one location could also be eligible at the store and location level if the store employs less than 500 workers. This means each store location could be eligible.

How to Apply

You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program. Region 10 is not a participant in this loan program.

PPP Made Easy

Find an SBA lender in your area.

Lenders may begin processing loan applications as soon as April 3, 2020.

Loan Details and Forgiveness

The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.

Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels.  Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.

This loan has a maturity of 2 years and an interest rate of .5%.

If you wish to begin preparing your application, you can download a SAMPLE form to see the information that will be requested from you. Your bank will have an updated form. Region 10 is not a participant in this loan program.