Reasons Why You Might Be Disqualified For A Paycheck Protection Program Loan

Reasons Why You Might Be Disqualified For A Paycheck Protection Program Loan

The Paycheck Protection Program Loan is open to all U.S. businesses that meet the following criteria:
  1. Businesses, nonprofits, Tribal businesses, and veteran’s organizations with 500 employees or less can qualify
  2. Max loan size is equivalent to 250% of average monthly payroll (about 10 weeks of payroll expenses) or $10 million, whichever is less
  3. Covered expenses: payroll, group health care benefits, salaries and commissions, interest on mortgage loans, rent, utilities, and interest on other debt obligations incurred before February 15, 2020
If you have been declined see below for why your might not be eligible:
  1. You have not filled out a complete application. Please click here for our full application
  2. We never received all the required documentation to process a loan
  3. Your company has also applied for an SBA Disaster Loan
If any of the below applies to one or more of the owners with greater than 20% ownership interest at your company:
  1. NOT a U.S. citizen or permanent legal resident
  2. Defaulted on a government loan
  3. Filed for bankruptcy or has been excluded from government borrowing
  4. Convicted of a crime/felony
For a list of alternative resources to help your small business see below:
  1. EIDL Loan Advance - This loan advance will provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties. Learn more
  2. SBA Express Bridge Loans - Enables small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly. Learn more
  3. SBA Debt Relief - The SBA is providing a financial reprieve to small businesses during the COVID-19 pandemic. Learn more