Small Business

Paycheck Protection Program (Updated to Reflect Paycheck Protection Program Flexibility Act of 2020)

The Paycheck Protection Program (PPP) is a loan program established by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), designed to assist small businesses in keeping their workers on the payroll during the outbreak of COVID-19.

Who is eligible?

  • Small businesses meeting the size standards of the Small Business Administration (SBA).
  • Any business, non-profit organization, veterans organization, or tribal business with 500 or more employees, or that meets the SBA industry size standard, if more than 500.
  • Any accommodations or food service operations that have more than one physical location and employ less than 500 individuals per location.
  • Sole proprietors, independent contractors, and self-employed persons.

Loan Details

  • Maximum loan amounts of 2.5 times your average monthly payroll costs, up to $10M. The SBA has created a PPP Loan Calculator for your reference.
  • The loan is fully forgivable for employers that maintain or rehire employees before December 31, 2020 and maintain salary levels, if used for payroll costs, mortgage interest, rent, or utilities. Forgiveness is reduced if full-time headcount decline, or if salary and wages decrease.
    • Employers that are unable to rehire employees may still be eligible for forgiveness of the loan if it is documented that an employee did not accept a rehire offer, there is a hindrance to rehire employees due to compliance with CDC guidelines, or the employer is unable to hire a similarly qualified employee.
    • Businesses with forgiven loans are also eligible to defer payroll tax payments.
  • Employers must spend at least 60% of the loan amount on payroll costs.
  • Maturity of five years, interest rate of 1%.
  • Loan payments deferred for 6 months.
  • Businesses have 24 weeks from disbursement of the loan to spend monies.

How to Apply

  • Individuals interested in applying may do so through any SBA 7(a) lender, bank, credit union, or Farm Credit System Institution that is participating. For a list of lenders by state, please click here.
  • To get an idea of what information your lender will request of you, view the PPP Borrower Application Form.
  • Deadline to apply for a loan is December 31, 2020.

For additional information on the PPP, please click here.

Economic Injury Disaster Loans

Availability of Economic Injury Disaster Loans (EIDL) and EIDL advancements are currently limited to only U.S. agricultural businesses, due to high demand and limited resources. EIDLs and advancements are available to agricultural businesses with fewer than 500 employees that have undergone economic hardship due to COVID-19. Approved applicants may receive up to $10,000 in advanced EIDLs that do not need to be repaid.

Agricultural businesses include those engaged in the production of food and fiber, ranching, and raising of livestock, aquaculture, and all other farming and agricultural related industries.

To apply for an advanced EIDL, please click here.

SBA Express Bridge Loans

The SBA Express Bridge Loan Pilot Program grants small businesses who currently have a business relationship with an SBA Express Lender to quickly access up to $25,000. The program gives express lenders authority to deliver expedited financing on an emergency basis for disaster-related purposes to eligible small businesses during the application process for long-term financing. This is for those small businesses that have an urgent need for cash while waiting for a decision and disbursement of an EIDL.

To view the Pilot Program Guide, please click here.

SBA 6-Month Debt Relief

The SBA will pay six months of principal, interest, and any associated fees that borrowers owe for all current SBA loans and microloans in regular servicing status, as well as new loans and Microloans disbursed prior to September 27, 2020. Borrowers do not need to apply for this assistance. It is automatically provided as follows:

  • For loans not on deferment, SBA will begin making payments with the next payment due on the loan and will make six monthly payments.
  • For loans currently on deferment, SBA will begin making payments with the next payment due after the deferment period has ended, and will make six monthly payments.
  • For loans made after March 27, 2020 and fully disbursed prior to September 27, 2020, SBA will begin making payments with the first payment due on the loan and will make six monthly payments.

Any borrower that made a payment after March 27, 2020 has the option to either have the loan payment returned by the lender or to apply the loan payment to further reduce the loan balance. However, this relief is not available for Paycheck Protection Program loans or Economic Injury Disaster loans.

For more information on the SBA’s debt relief program and for disaster loan relief, please click here.

Arizona Commerce Authority Resources

The Arizona Commerce Authority’s (ACA) COVID-19 Business Support page is available for Arizona businesses that need help and support navigating the financial resources at their disposal.  ACA-offered resources include:


Free small business webinars are held during the week, daily, from 9 a.m. to 10 a.m., covering various subjects surrounding COVID-19 and included industry experts in the field of banking, real estate, economic development and more. The schedule structure stays the same each week, while the content changes.  The schedule operates as follows:

  • Monday, Tuesday, Wednesday – Sessions include assistance for small businesses in learning ways to navigate through these uncharted territories.
  • Thursday – Learn ways your business can adapt to the latest guidelines for workplace safety.
  • Friday – Participate in a direct Q&A with ACA staff to learn best practices for marketing your business in the COVID-19 world.

All webinars are open to anybody and are recorded and subsequently archived. To view archived webinars or to register for future webinars, please click here.

CARES Act Training

Small Businesses that need assistance navigating through the provisions and resources available in the CARES Act can utilize the Cares Act Readiness Program for Small Businesses. Depending on your level of experience borrowing, your program will include anywhere from 2-5 online courses that provide everything from business basics to submitting your loan application. Upon completion of the program, you will receive access to live business experts that will help you complete the loan application and follow up with you until you receive your funds.

To enroll in in the Cares Act Readiness Program, please click here.

Other Resources