[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-sidebar-cat-1-en-105":3,"doc-seo-306508-105":53,"doc-detail-306508-en":126},{"code":4,"msg":5,"data":6},0,"success",[7,14,19,24,29,34,39,44,49],{"id":8,"doc_module":9,"doc_module_name":10,"category_name":11,"show_sort_weight":12,"slug":13},11,1,"Template","Presentations",90,"presentations",{"id":15,"doc_module":9,"doc_module_name":10,"category_name":16,"show_sort_weight":17,"slug":18},12,"Resumes",80,"resumes",{"id":20,"doc_module":9,"doc_module_name":10,"category_name":21,"show_sort_weight":22,"slug":23},14,"Invoices",70,"invoices",{"id":25,"doc_module":9,"doc_module_name":10,"category_name":26,"show_sort_weight":27,"slug":28},15,"Posters",60,"posters",{"id":30,"doc_module":9,"doc_module_name":10,"category_name":31,"show_sort_weight":32,"slug":33},16,"Social Media",50,"social-media",{"id":35,"doc_module":9,"doc_module_name":10,"category_name":36,"show_sort_weight":37,"slug":38},17,"Forms",40,"forms",{"id":40,"doc_module":9,"doc_module_name":10,"category_name":41,"show_sort_weight":42,"slug":43},18,"Letters",30,"letters",{"id":45,"doc_module":9,"doc_module_name":10,"category_name":46,"show_sort_weight":47,"slug":48},21,"Paper Templates",5,"papers-templates",{"id":50,"doc_module":9,"doc_module_name":10,"category_name":51,"show_sort_weight":4,"slug":52},158,"General","general-158",{"code":4,"msg":54,"data":55},"ok",{"site_id":56,"language":57,"slug":58,"title":59,"keywords":60,"description":61,"schema_data":62,"social_meta":119,"head_meta":121,"extra_data":123,"updated_unix":125},105,"en","aba-paycheck-protection-program-faqs-4-8","ABA Paycheck Protection Program FAQs 4-8","","A set of frequently asked questions summarizing the SBA Paycheck Protection Program created under the CARES Act. The material explains eligibility for borrowers and lenders, core loan terms, and required certifications and documentation. It details permissible uses of loan proceeds and SBA requirements for allocation between payroll and other expenses. It also covers lender participation rules, responsibilities, fee structures, agent fee caps, and the loan forgiveness process for covered expenses.",{"@graph":63,"@context":118},[64,80,101],{"@type":65,"itemListElement":66},"BreadcrumbList",[67,71,74,77],{"item":68,"name":69,"@type":70,"position":9},"https://docshare.wps.com","Home","ListItem",{"item":72,"name":10,"@type":70,"position":73},"https://docshare.wps.com/template/",2,{"item":75,"name":41,"@type":70,"position":76},"https://docshare.wps.com/template/letters/",3,{"item":78,"name":59,"@type":70,"position":79},"https://docshare.wps.com/template/aba-paycheck-protection-program-faqs-4-8/306508/",4,{"url":78,"name":59,"@type":81,"image":82,"author":87,"headline":59,"publisher":90,"fileFormat":93,"inLanguage":57,"description":61,"dateModified":94,"datePublished":95,"encodingFormat":93,"isAccessibleForFree":96,"interactionStatistic":97},"DigitalDocument",{"url":83,"@type":84,"width":85,"height":86},"https://docshare.wps.com/thumbnails/aba-paycheck-protection-program-faqs-4-8/306508.png","ImageObject",442,249,{"name":88,"@type":89},"Blaney","Person",{"url":68,"name":91,"@type":92},"DocShare","Organization","application/pdf","2026-10-17","2026-09-19",true,{"@type":98,"interactionType":99,"userInteractionCount":15},"InteractionCounter",{"@type":100},"ViewAction",{"@type":102,"mainEntity":103},"FAQPage",[104,110,114],{"name":105,"@type":106,"acceptedAnswer":107},"What is the Paycheck Protection Program (PPP) and what does it provide to eligible borrowers?","Question",{"text":108,"@type":109},"PPP provides payroll assistance through 100% guaranteed loans from the SBA. Eligible borrowers work with lenders to apply for loans up to 2.5 times their average monthly payroll expenses for the prior year.","Answer",{"name":111,"@type":106,"acceptedAnswer":112},"Who is eligible to apply for PPP loans as a borrower?",{"text":113,"@type":109},"Borrowers are broadly eligible if they have 500 or fewer employees or meet SBA size standards. Certain nonprofits, veterans organizations, tribal concerns, sole proprietors, independent contractors, and self-employed individuals may qualify, provided they were in operation on February 15, 2020.",{"name":115,"@type":106,"acceptedAnswer":116},"What are key PPP loan terms and how does loan forgiveness work?",{"text":117,"@type":109},"PPP loans are first-come, first-served through June 30, 2020 or until funds run out, with a 1% interest rate and a two-year term. After disbursement, borrowers may receive forgiveness on up to eight weeks of covered expenses, subject to the forgiveness process described in the guidance.","https://schema.org",{"og:url":78,"og:type":120,"og:title":59,"og:site_name":91,"og:description":61},"article",{"robots":122,"canonical":78},"index,follow",{"doc_id":124,"site_id":56},306508,1790332455,{"code":4,"msg":5,"data":127},{"doc_id":124,"user_id":128,"nickname":88,"user_avatar":129,"doc_module":9,"category_id":40,"category_name":41,"doc_title":59,"doc_description":61,"doc_content":130,"file_id":131,"file_url":132,"file_type":133,"file_size":134,"view_count":15,"is_deleted":4,"is_public":9,"is_downloadable":9,"audit_status":9,"page_count":135,"language":136,"language_code":57,"site_id":56,"html_lang":57,"table_of_contents":137,"faqs":138,"seo_title":139,"seo_description":61,"update_tm":140,"read_time":15},1236954677761,"https://us-avatar.wpscdn.com/davatar_994ba38a5ba835b3df7d355c54d3ed8d","Frequently Asked Questions about the SBA’s Paycheck Protection Program  \nApril 7, 2020  \nExecutive Summary  \nOn March 27, 2020, President Trump signed P. L. 116-136, the Coronavirus Aid, Relief, and Economic Security (CARES) Act into law. As part of this nearly $2.2 trillion aid package to fight the COVID-19 (coronavirus) pandemic, Congress appropriated approximately $349 billion for the creation of the Paycheck Protection Program (PPP) . This program provides payroll assistance for the nation’s nearly 30 million small businesses, and select nonprofits, in the form of 100% guaranteed loans from the U.S. Small Business Administration (SBA) .  \nSimply put, eligible borrowers work with lenders to apply for, and receive, loans up to 2.5 times their average monthly payroll expenses for the prior year. Loans, which can be issued between April 3, 2020 and June 30, 2020, will carry a 1% interest rate with a two-year term. Loan payments are deferred for the first six months of the loan. Additionally, PPP loans contain a forgiveness process, allowing up to eight weeks of covered expenses, including both principal and interest, to be forgiven for the borrower with no tax consequence (i.e., forgiveness of indebtedness income is waived) . Any remaining balance after the loan forgiveness period maintains a 100% government guarantee while the borrower makes payments. A lender will be able to sell these loans into the secondary market once the funds have been disbursed.  \nBelow is a summary of the PPP and its impact on borrowers and lenders, followed by frequently asked questions and answers. Please note that the FAQ reflects SBA guidance that had been released by Tuesday, April 7, 2020 at 12:00 p.m. EDT.  \nPaycheck Protection Program (PPP) Eligibility for Borrowers  \nBorrowers are broadly eligible if they have 500 or fewer employees, or are certain businesses that meet SBA size standards. Additionally, 501(c)(3) nonprofits, 501(c)(19) veterans organizations, and certain tribal concerns qualify for PPP loans. Borrowers may also be sole proprietors, independent contractors, or self-employed. Borrowers must have been in operation on February 15, 2020, and employed either salaried employees subject to payroll taxes or paid independent contractors.  \nFurther, borrowers must certify they meet the criteria above, were impacted by current economic uncertainty, and they will use the funds for allowable uses defined in ‘Loan Terms’ below. Borrowers must also provide the relevant documentation as part of this certification. Finally, borrowers must certify the information they provide is accurate.  \nLoan Terms  \nThese first-come, first-served loans are offered until June 30, 2020, or until the program runs out of funds. Loans are capped at the lesser of 250% of a borrower’s average monthly payroll costs, or $10 million. Payroll costs include, but are not limited to, salary, paid leave, medical, and healthcare. Further, salary for employees making more than $100,000 is capped at that level for the calculation of loan size. All loans have a 1% interest rate and a two-year term. Loans are 100% guaranteed by the SBA. Esignatures or e-consents may be used. Loan payments may be deferred for up to 6 months.  \nPPP loans may be used to pay for payroll costs, mortgage interest obligations, rent obligations, utilities, and any other interest payment on debt obligations accrued before February 15, 2020. SBA requires 75% of the loan to be used for payroll costs, while the remaining 25% can be used for the other expenses. Funds used for purposes other than those outlined above must be repaid by the borrower.  \nSBA will not collect any fees from either the borrower or the lender.  \nPPP Eligibility for Lenders  \nLenders are eligible to participate in PPP right away if they are a current SBA 7(a) lender. If a lender isnot a current 7(a) lender, they must fill out SBA Form 3506 for Federally Insured Depository Institutions and submit it [to](to DelegatedAuthority@sba.gov","cbCaik5P4NIwFstG","https://ap.wps.com/l/cbCaik5P4NIwFstG","pdf",635193,35,"English","# Executive Summary\n# Paycheck Protection Program (PPP) Eligibility for Borrowers\n## Loan Terms\n# PPP Eligibility for Lenders\n## Lender Responsibilities in PPP\n# Loan Forgiveness","[{\"question\":\"What is the Paycheck Protection Program (PPP) and what does it provide to eligible borrowers?\",\"answer\":\"PPP provides payroll assistance through 100% guaranteed loans from the SBA. Eligible borrowers work with lenders to apply for loans up to 2.5 times their average monthly payroll expenses for the prior year.\"},{\"question\":\"Who is eligible to apply for PPP loans as a borrower?\",\"answer\":\"Borrowers are broadly eligible if they have 500 or fewer employees or meet SBA size standards. Certain nonprofits, veterans organizations, tribal concerns, sole proprietors, independent contractors, and self-employed individuals may qualify, provided they were in operation on February 15, 2020.\"},{\"question\":\"What are key PPP loan terms and how does loan forgiveness work?\",\"answer\":\"PPP loans are first-come, first-served through June 30, 2020 or until funds run out, with a 1% interest rate and a two-year term. After disbursement, borrowers may receive forgiveness on up to eight weeks of covered expenses, subject to the forgiveness process described in the guidance.\"}]","ABA Paycheck Protection Program FAQs 4-8 | PDF",1789837239]