Paycheck Protection Program

SPIRE is helping small businesses and those self-employed by processing paycheck protection program funding.

SPIRE is here to help you with your first-round or second-round Paycheck Protection Program (PPP) loan. We helped hundreds of businesses with PPP funding in 2020. We offer a digital application portal so you can quickly get through the process and secure funding for your business. 

If you have questions after reading the information below, please contact us at businessdepartment@myspire.com.



As of May 5, 2021, the SBA is no longer taking PPP applications from institutions that are not a
Community Development Financial Institution (CDFI) or Minority Depository Institution (MDI).
SPIRE is not a CDFI or MDI.



First-round PPP Loan Applicants
Second-round PPP Loan Applicants
PPP Loan Forgiveness
About the PPP Loan Program
Resources

First-round PPP Loan Applicants

If you have not previously applied for a PPP Loan, you now can if your business meets the following requirements:

  • Loan amount is average monthly payroll costs in 2019 or the last 12 months, multiplied by 2.5 (or 3.5 if accommodation or food service business).
  • $10 million maximum loan amount.
  • You may qualify even if you took the Employee Retention Tax Credit.
  • Forgivable options if the loan is used for qualifying expenses.  At a minimum, 60% of the loan needs to be used for payroll costs.
  • Eligible entities need to have been in operation before 2/15/2020.
  • For payroll, provide either Schedule C, 941, or business tax returns, which ever applies to your business structure.
  • No more than 500 employees or your industry’s applicable SBA revenue-based size standard.
  • Businesses, Independent contractors, self-employed individuals, sole proprietors, tax-exempt non-profit organizations, veteran organizations, Tribal businesses.
  • Housing cooperatives that employ no more than 300 employees.
  • Eligible 501(c)(6) organizations that employ no more than 300 employees.
  • Destination marketing organizations that employ no more than 300 employees.
  • Eligible news and non-profit broadcasting organizations that are majority owned or controlled by a NAICS Code 511110 or 5151.
  • Hospitals with government funding less than 50%.
  • Seasonal businesses, including those that were dormant or not operating as of 2/15/2020.
  • Seasonal employers have greater flexibility picking the 12 week period between February 15, 2019 and February 15, 2020 to base payroll costs and determine loan amount eligibility.

* Ineligible entities include those with ties to China (Second Draw loans), entities receiving Shuttered Venue grant and those permanently closed.
 

Measures in the bill that effect 1st round PPP Loans:

  • Simplified process and streamlined forgiveness for loans under $150,000.
  • Expanded tax deduction treatment for expenses paid with PPP.
  • Expanded list of expenses that qualify for PPP loan forgiveness.
  • Extension of 1st round program to March 31, 2021 or until funds are exhausted.

For additional information, visit the US Department of Treasury.

Second-round PPP Loan Applicants

If you would like to apply for additional funding, here are the application requirements:

  • Available to businesses that have already exhausted the first-round PPP program.
  • Business must have less than 300 employees.
  • Business must have a 25% reduction in gross receipts in at least one quarter of 2020 compared to the same quarter of 2019.
  • Loan amount is average monthly payroll costs in 2019 or the last 12 months, multiplied by 2.5 (or 3.5 if accommodation or food service business).
  • $2 million maximum loan amount.
  • Forgivable options if the loan is used for qualifying expenses.  At a minimum, 60% of the loan needs to be used for payroll costs.

For additional information, visit the US Department of Treasury.

PPP Loan Forgiveness

Our business lending team is here to help make sure you have the necessary information and documents to make the loan forgiveness process successful. 

At this time, the loan forgiveness portal is only available for 2020 PPP borrowers. The portal will be open to 2021 PPP borrowers within as soon as the SBA provides additional guidance.

Apply for Loan Forgiveness
Borrower Guides

Eligible Expenses

To maximize your PPP loan forgiveness, 60% of the PPP loan must be used towards payroll and 40% towards eligible expenses. Eligible expenses include:

  • Rent.
  • Utilities.
  • Mortgage interest on business loans incurred prior to 02-5-2020.
  • Operations expenses defined as payments for business software and cloud computing services and other human resources and accounting needs that facilitate business operations.
  • Supplier costs defined as payments to a supplier for goods that are essential to the operations of the borrower pursuant to a contract or purchase order in effect before the PPP loan is disbursed or with respect to perishable goods, in effect at any time.
  • Worker protection expenses defined as operating or capital expenditures to comply with public health guidance related to COVID-19, including things like drive-through windows and sneeze guards and the purchase of personal protective equipment (PPE).
  • Covered property damage costs defined as costs related to property damage or looting due to public disturbances in 2020 that are not covered by insurance or other compensation. 


If you need help with the forgiveness calculation, please contact one or all of the following resources:
Your accountant or CPA
SCORE
Women Venture
Small Business Development Center

About the Paycheck Protection Program

In response to the COVID-19 pandemic, the Paycheck Protection Program (PPP) was established by the CARES Act and is implemented by the Small Business Administration with support from the Department of the Treasury. 

This 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 mortgages, rent, and utilities.

Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.
 

Required Documentation

If you have employees:

  1. IRS Form 941 Employer's Quarterly Tax Return for period Ending March 31, 2019
  2. IRS Form 941 Employer's Quarterly Tax Return for period Ending June 30, 2019
  3. IRS Form 941 Employer's Quarterly Tax Return for period Ending September 30, 2019
  4. IRS Form 941 Employer's Quarterly Tax Return for period Ending December 31, 2019
  5. Payroll ledgers reflecting each employee’s compensation for the following periods Jan 2019 to Feb 2020 (14 Months Total)
  6. February 2020 bank statement 

 

If you are self-employed:

  1. 2019 Schedule C
  2. February 2020 bank statement

Resources

Borrower Checklist
Borrower Platform Guide
Borrower Guide for Form 3508
Borrower Guide for Form 3508S

General PPP Loan Information
Calculate Your Loan Amount
PPP Frequently Asked Questions
Additional Information from the Department of Treasury

Disclosures

This is not an offer of a loan, it is an invitation to apply. Applying for the Paycheck Protection Program Loan does not guarantee or promise of funding.

 
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