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President Biden announced that the Small business Administration will accept PPP loan applications only from businesses and nonprofits with fewer than 20 employees from Wednesday, February 24, through Tuesday, March 9. We will continue to accept all applications and will process them according to the revised SBA guidelines Learn more below.

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

Update

President Biden announced on Monday that the Small Business Administration will accept PPP loan applications only from businesses and nonprofits with fewer than 20 employees from Wednesday, February 24 at 9 a.m. Eastern through Tuesday, March 9. In 2021, more than 90% of our PPP loans have been to businesses with fewer than 20 employees.

We will continue to accept applications from all clients, but the SBA won’t review those from larger clients until March 10. The SBA will continue to review all applications it receives before 9 a.m. Eastern on February 24.  

Apply

  • Open a Chase business checking account here or at your local branch, if you don’t have one. You’ll need an active business checking account to apply with us. It may take up to 10 days upon account opening before you are able to apply for a PPP loan. You can apply on the 11th business day.
  • 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.

  • You will have to enter 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 open, or you may lose all your work and have to restart your application.

Documents many applicants are forgetting to submit:

  • State Quarterly Wage Unemployment Insurance Tax filings
  • Payroll statement or other similar documentation to show you paid employees for the period that covered February 15, 2020

Webinar

Tips to Apply for a PPP Loan 

Diedra will help you prepare for the application process and walk through and what to expect when you apply

Watch Now >

We expect to start accepting Forgiveness requests for 2020 PPP loans in early March
We know you are eager to submit your Forgiveness request. We expect to start accepting Forgiveness requests for 2020 PPP loans in early March.

We will let you know when we expect to start accepting Forgiveness requests for 2021 PPP loans. We’ll continue to process requests we have already received. If you made your request online, you can check the status of your request here. You’ll have time to request Forgiveness before you need to start making payments.

Chase Business Services

 

Please visit SBA.gov or Treasury.gov for any updates.

Resources to help you prepare in our current environment

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