CARES Act Paycheck Protection Program:
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Rates for the Paycheck Protection Program (“PPP”) are at 1%. PPP loans are made by one or more approved U.S. Small Business Administration (“SBA”) lenders. Loan agreements will identify the appropriate lender to small businesses at signing. Funds are limited, and may not be available at this time. Once funds are available, qualified applications will be submitted to the SBA. BlueVine does not guarantee that applications will be processed and submitted before PPP funds are no longer available. There are no fees for applying for PPP. Approval and loan forgiveness are subject to your ability to meet government-set eligibility requirements. Learn more
To help the government fight financial crime, Federal regulation requires certain financial institutions to obtain, verify, and record information about the beneficial owners of legal entity customers at the time a new account is opened. Legal entities can be abused to disguise involvement in terrorist financing, money laundering, tax evasion, corruption, fraud, and other financial crimes. Requiring the disclosure of key individuals who own or control a legal entity (i.e., the beneficial owners) helps law enforcement investigate and prosecute these crimes.

Please note, the SBA has limited loan forgiveness for applicants who are self employed. Per SBA rules, if you do not have formal business expenses that you report on your Schedule C, you will be limited to having 75% of your loan forgiven.

Frequently Asked Questions


The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, allocating $2 trillion in federal relief funding for individuals and small businesses hurt by COVID-19.

From that total, $349 billion has been designated for the newly released Paycheck Protection Program led by the Small Business Administration (SBA) and guaranteed by the U.S. federal government.

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    Is my business eligible for a PPP loan?

    You can qualify for an SBA paycheck protection program loan if your business can prove to have been affected by the coronavirus pandemic and is classified as a “small business” as defined by the SBA. This includes all registered businesses with up to 500 employees*, including but not limited to:

    • Eligible independent contractors
    • Sole proprietors
    • Self-employed individuals
    • Nonprofit organizations
    • Tribal businesses
    • Veterans organizations

    *Note that affiliation standards will be waived for businesses that operate in the food and hotel industries, franchises in the SBA’s Franchise Directory, together with organizations that have received any financial aid from small business investment companies licensed by the SBA.

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    When can I apply for a PPP loan?

    Application start date for the Paycheck Protection Program varies for different business entities:

    • Small businesses & sole proprietorships: April 3rd, 2020
    • Independent contractors & self-employed: April 10th, 2020

    Note: Be sure to apply for a loan as soon as possible to increase your chances of getting funded. Funds are limited and lenders need time to process your loan.

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    What documents are required to apply for a PPP loan?

    Application start date for the Paycheck Protection Program varies for different business entities:

    As part of your application, you’ll need to provide the following:

    • Completed Paycheck Protection Program application form
    • Documentation verifying the number of full-time equivalent employees on payroll, dollar amounts of payroll costs, and that payroll taxes were paid

    You will also be required to certify that:

    • The funds will be used appropriately for business related purposes as specified in the loan application;
    • The PPP loan will be received only once;
    • You will provide to the lender documentation that verifies how the money was spent.
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    How can I apply for PPP loan forgiveness?

    You can request for loan forgiveness via the lender that is servicing your loan. The request should include the following documents for the 8 week period following this loan verifying:

    • The number of full-time equivalent employees and pay rates
    • Covered mortgage interest payments
    • Covered rent payments
    • Covered utilities payments

    You will also be required to certify that:

    • The documents are accurate and true
    • You used the forgiveness amount to keep employees and make eligible mortgage interest, rent, and utility payments

    *Note: The lender must make a decision on your forgiveness request within 60 days.

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    How much can I borrow?

    You can receive up to 2.5x the average monthly payroll costs from last year. Funds provided for payroll are capped at $100,000 annualized per employee. The total loan amount is capped at $10 million.

    For businesses not operational in 2019: The max loan amount will equal 2.5x the average monthly payroll costs incurred for January and February 2020.

    For Seasonal Employers: Loan amounts are calculated the same way, but for the 12-week period beginning either February 15, 2019 or March 1, 2019 (decided by the loan recipient) and ending June 30, 2019.

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    When do I start paying back & how much?

    You will only need to start making payments after the 6-month deferral period, which starts from the time that you receive the loan.

    If you qualify for a Paycheck Protection Program loan forgiveness, you will only be required to pay back the interest on your loan. Your loan forgiveness will be reduced if:

    • The funds are used for any purpose other than those listed above, (or)
    • If you fail to maintain your staff and payroll.
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    Do I need to provide a personal guarantee?

    No, you do not need to provide a personal guarantee. However, if funds are used for fraudulent purposes, a criminal charges against you may be pursued by the US government.

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    When is my loan due & can I pay my loan before?

    2 years from the time you acquire the funds. And yes, you can pay before. Moreover, there are no prepayment penalties or fees.

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    What are the interest rates?

    The interest rate on all Paycheck Protection Program loans is a fixed rate of 1%. While payments are deferred for 6 months, interest will still accrue during that period.

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    Am I eligible for PPP loan forgiveness?*

    In order to be eligible for loan forgiveness, you’ll need to meet the following criteria:

    • Funds must be used for the intended purposes (listed on this page) within the 8 weeks immediately following your acquisition of the loan amount;
    • Employee and payroll levels must be maintained;

    Any changes made to the number of full-time employees or salaries between February 15, 2020 and April 26, 2020 must be restored by June 30, 2020

    Once you’ve been approved for loan forgiveness, you’ll be required to pay only the interest on your loan!

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    What if I already laid off some employees? Can I still qualify for PPP loans?

    Yes, as long as you rehire those employees before June 30, 2020.

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    What can the funds be used for?

    Funds from the SBA Paycheck Protection Program are there to be used to cover payroll and/or mortgage interest, rent, or utility costs incurred before February 15, 2020.*

    Due to the likely high subscription rate, current estimates suggest that no more than 25% of the forgiven amount may be for non-payroll costs (i.e. mortgage interest, rent, or utility costs).

    *Pay close attention to the eligibility requirements for loan forgiveness listed on this page.

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    What happens if I use the funds for other purposes?

    The U.S. government may pursue criminal charges against you if they find that the funds were used for fraudulent purposes.

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    Will it cost me more to get a PPP loan through Cheddar Capital?

    In short, no. Loan terms are the same for all small businesses regardless of where they obtain the funds.

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    Which organizations provide PPP loans?

    Paycheck Protection Program loans are available through any existing SBA lender. That includes alternative lenders, banks, as well as federally insured depository institutions/credit unions and Farm Credit System institutions.

    Direct Funding Now has many lending partners that can facilitate your PPP loan, we make the process as quick, easy and as hassle free as possible.

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    The CARES Act includes Disaster Loans and PPP loans; can I get both?

    Yes, but only if you use the loans for different expenses. While PPP loans can be used only for payroll and/or mortgage interest, rent, or utility costs, Economic Injury Disaster Loans (EIDLs) can be used for other pre-existing business operating expenses.

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    How many loans can I take out under this program?

    Only one (1).

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