Paycheck Protection Program

The loan forgiveness portal is now open to all PPP borrowers. 
Your application and required supporting documents (if applicable to your PPP loan) must be completed on the PPP forgiveness portal to be electronically sent to the SBA. SPIRE cannot accept paper applications or documents.
 

Apply for Loan Forgiveness
Borrower Guides
Application Status

Eligible Expenses

Before applying for forgiveness, please make sure that all of the funds have been used. 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. 

Required Documentation

Supporting documentation may be required for your PPP loan. Even if you are not required to submit any documents, you must retain all documents for six years after the date of the loan is forgiven or repaid in full and provide them upon request.

First Draw loans less than $150,000: No supporting documentation needed.
First Draw loans over $150,000: Provide supporting documentation.
Second Draw loans less than $150,000: Provide documentation showing your 25% reduction in gross receipt.
Second Draw loans over $150,000: Documentation showing your 25% reduction in gross receipts and other supporting documentation.

Supporting Documentation:

1. IRS Form 941 Employer's Quarterly Tax Return for the covered periods.
2. IRS Form 941 Employer's Quarterly Tax Return for the covered periods.
3. IRS Form 941 Employer's Quarterly Tax Return for the covered periods.
4. IRS Form 941 Employer's Quarterly Tax Return for the covered periods.
5. Payroll ledgers reflecting each employee’s compensation for the covered periods.
6. Documentation supporting the 25% reduction in sales.

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

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.

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.