Small Business Administration (SBA) Paycheck Protection Program

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Small Business Administration (SBA) Paycheck Protection Program

What you should know before you apply

We are not accepting applications for increases for first-time loans at this time

Key requirements for all applicants:

You are an authorized representative who can borrow on behalf of the business
You have an active Chase Business Checking account
Must have been in business as of February 15, 2020 and your business hasn’t been permanently closed
If applying as a franchise, you will need to enter the SBA Franchise Identifier Code at the time of application. You can find that code at sba.gov/sba-franchise-directory. If your franchise isn’t on the directory, please contact your local SBA District Office to help you get it added
You should review the requirements and guidance provided by the SBA for complete information regarding the PPP. The SBA continues to release updated guidance. For the most updated PPP rules, requirements and other information, visit SBA.gov and Treasury.gov. You may also want to contact your accountant, attorney or other trusted advisors

PPP Overview: first and second-time borrowers

First-time borrowers (including affiliates) in general:

Can have no more than 500 employees (or fewer or more for certain business types for certain SBA size standards)
- Accommodations and Food Services companies with NAICS code 72 can have no more than 500 employees per physical location.
The loan can be up to 2.5 times the business’ average monthly payroll costs, up to a $10 million loan maximum (or $20 million for a corporate group)

Second-time borrowers (including affiliates) in general:

Can have no more than 300 employees
- Accommodations and Food Services companies with NAICS code 72 can have no more than 300 employees per physical location.
The second loan can be up to 2.5 times the business’ average monthly payroll costs, up to a $2 million loan maximum (or $4 million for a corporate group).
- Accommodations and Food Services companies with NAICS code 72 can borrow up to 3.5 times the business’ average monthly payroll costs, up to a $2 million loan maximum.
- The business must have experienced a revenue reduction of 25% or greater in 2020 relative to 2019. In general, a borrower may calculate this revenue reduction by comparing quarterly gross receipts for one quarter in 2020 with the gross receipts for the same quarter in 2019. A business that does not file quarterly or was not in operation for all four quarters of 2019 may still qualify; see the SBA guidelines for details.
Used or will use the full amount of the first PPP loan for authorized purposes on or before the expected date of disbursement of the second PPP Loan

IMPORTANT REMINDERS:

You'll have to enter your information and then submit it; you won't be able to save and come back later.
Please make sure you only have one Chase.com browser window session open, or you may lose all your work and have to restart your application.
If you're the only employee of your business, apply with your SSN, TIN or EIN. If you have employees, you must use your TIN or EIN.
You must upload all of the following:
- 2019 or 2020 (whichever you used to calculate loan amount) Business Tax Return
- You must provide your Form 941 (or other tax forms containing similar information) and state quarterly wage unemployment insurance tax reporting forms from each quarter in 2019 or 2020 (whichever you used to calculate loan amount), or equivalent payroll processor records
- Evidence of any retirement and health insurance contributions.
- A payroll statement or similar documentation from the pay period that covered February 15, 2020 must be provided to establish you were in operation on February 15, 2020
- Seasonal employers: Please include a coversheet stating you are a seasonal business along with your 12-week period selected.

This material is for general informational purposes only and may not apply to all borrowers. You should review the requirements and guidance provided by the SBA for complete information regarding PPP. The SBA continues to release updated guidance: visit SBA.gov and Treasury.gov.

All loans are subject to other requirements and availability of funds under the SBA program. Funds are limited.
JPMorgan Chase Bank, N.A. Member FDIC. Equal Opportunity Lender

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