SBA Paycheck Protection Program

SBA Paycheck Protection Program for Small Businesses in Florida

When business is anything but what you could count on


The Paycheck Protection Program saved 3.2 million Florida jobs, according to SBA data

At least $25 billion in interest-free government loans from the Paycheck Protection Program went to Florida small businesses affected by the coronavirus pandemic, according to data released Monday by the Small Business Administration.

And the federal taxpayer money saved at least 3.2 million jobs around the state, according to data that was self-reported by businesses and sent to the SBA. The SBA released loan details after weeks of stonewalling requests from lawmakers and media organizations to provide more transparency for the PPP program, which was devised in part by Florida Republican Sen. Marco Rubio.

Rubio, who leads the Senate Small Business Committee, said in a statement on Monday that the Trump administration provided “much needed transparency” for the program, which was intended for small businesses and capped at $10 million per loan.

Check Out News from the Miami Herald

Small Businesses Get Easier Path to Relief-Loan Forgiveness

Small-business owners won’t have to pay back their federal pandemic relief loans even if they don’t rehire all of the workers they laid off, the Trump administration affirmed, effectively eliminating a rule that many borrowers had feared would leave them stuck with a large debt.

Congress appeared to relax that requirement this month with a new law that loosened many terms of the Paycheck Protection Program, a $660 billion relief effort intended to help struggling small companies retain or rehire their workers. But the final say on how the law would be interpreted rested with the Treasury Department, which has called the shots on most aspects of the relief effort.

Check Out News from the NYTimes

Small Business Grants and Loans is an approved SBA lender for PPP Loans

Get a government-backed loan with the support you expect from Small Business Grants and Loans

Whether you’re a small business owner with employees, a sole proprietor, self-employed, or an independent contractor, if your business has been affected by COVID-19 you can get a low-interest federal loan that may be 100% forgiven. Our application process makes applying for a PPP loan as quick and simple as possible.

Please note, you can apply for a PPP loan with Small Business Grants and Loans even if you have PPP applications in process elsewhere. Applying for a PPP loan with us will not impact the status of any prior PPP applications you may have submitted. Due to the high volume of submissions, applications from Small Business Grants and Loans customers may be prioritized over non-customers for submission to the SBA. This program is subject to the availability of funding from the federal government.

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SBA Paycheck Protection

Loan Amount

Get up to 2.5x your average monthly payroll cost, for a maximum of $2 million. Check out our guide on how to calculate your PPP loan amount, broken down by business type.

Term Length

24 months, though loans are eligible for partial or full forgiveness if your business meets certain criteria.

Rate & Fees

1% fixed interest rate, and no additional fees of any kind, including no origination fees or prepayment penalties.


Loan payments are deferred for the first 6 months, but interest will continue to accrue during this time. After that auto-payments are monthly.

Loan Forgiveness

You can be eligible for up to 100% forgiveness if you use the entire loan for allowable costs, at least 75% for payroll costs, and you maintain your number of employees and compensation levels.

What can I use a PPP Loan for?

  • Payroll costs, including benefits
  • Rent payments
  • Utility payments
  • Interest on mortgages
  • Interest on debt obligations incurred before 2/15/2020

Do I qualify for a PPP Loan?

  • In business and paying payroll as of February 15, 2020
  • No more than 500 employees – Note, businesses in certain industries can have more than 500 employees if they meet applicable SBA employee-based size standards for those industries. You can learn more about SBA size standards here.
  • Have not received an SBA PPP Loan before

Frequently asked questions about SBA PPP Loans

What is the Loan Forgiveness program, and how does it work?

To be eligible for loan forgiveness, businesses must maintain their number of employees and compensation levels. The amount eligible for forgiveness is equal to the amount spent on permissible uses of funds during the 8-week period beginning on the date of the origination of the loan. However, current guidance is that 75% of the funds must have been used to cover payroll expenses to be eligible for forgiveness. The amount eligible to be forgiven will be reduced if the business does not maintain full-time employee headcount (or does not rehire quickly), or there is a reduction in employee wages of more than 25%.

Does this loan require any collateral or personal guarantees?

These loans are backed by a federal loan guarantee. There is no collateral or personal guarantee required.

What documents do I need to apply?

You will need your basic business information and documentation of payroll expenses to apply. Check out our guide to see the information that will be requested from you.

What counts as payroll costs? I work by myself and pay contractors. Do I still have payroll?

Payroll costs include compensation and employee benefits, such as health insurance, retirement benefits, parental and sick leave, and vacation. If you are a sole proprietor or independent contractor, payroll costs include compensation or net earnings from self-employment. Costs per employee are capped at $100,000 on an annualized basis. For more details on payroll costs, review this excellent guide from the U.S. Chamber of Commerce.

How do I calculate my monthly payroll costs?

For a more detailed overview of how the SBA PPP loans work, and how to calculate ‘included’ and ‘excluded’ payroll costs, check out this excellent guide from the U.S. Chamber of Commerce.

I need funds beyond just covering payroll expenses. Are there other financing options available to me?

Yes. Visit our resource hub to learn more about other government assistance programs for small businesses. You may be eligible for a loan or grant from your local or state government, or an SBA Economic Injury Disaster Loan.

Looking for SBA PPP Loans?

Whether you’re a small business owner with employees, a sole proprietor, self-employed, or
an independent contractor, if your business has been affected by COVID-19 you can get a low-interest federal loan that may be 100% forgiven.

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