Paycheck Protection Program (PPP)
Am I eligible?
You are eligible for a PPP loan if you have 500 or fewer employees whose principal place of residence is in the United States, or are a business that operates in a certain industry and meet the applicable SBA employee-based size standards for that industry, and:
You were in operation on February 15, 2020 and either had employees for whom you paid salaries and payroll taxes or paid independent contractors, as reported on a Form 1099-MISC.
You are also eligible for a PPP loan if you are an individual who operates under a sole proprietorship or as an independent contractor or eligible self-employed individual, and you were in operation on February 15, 2020.
You must also submit such documentation as is necessary to establish eligibility such as payroll processor records, payroll tax filings, or Form 1099- MISC, or income and expenses from a sole proprietorship. For borrowers that do not have any such documentation, the borrower must provide other supporting documentation, such as bank records, sufficient to demonstrate the qualifying payroll amount.
SBA intends to promptly issue additional guidance with regard to the applicability of affiliation rules at 13 CFR §§ 121.103 and 121.301 to PPP loans.
What are the loan terms and conditions?
Loans will be guaranteed under the PPP under the same terms, conditions and processes as other 7(a) loans, with certain changes including but not limited to:
Economy Injury Disaster Loans
Small Businesses may qualify for Economic Injury Disaster Loans of up to $2 million to mitigate the economic loss of our tourism industry as a result of COVID-19.
All applications must be completed online, visit COVID19relief.sba.gov
For more information on the SBA disaster assistance, contact the SBA’s Customer Service Center, call (800) 659-2955 or email email@example.com. Individuals who are deaf of hard of hearing may call (800) 877-8339.
Available SBA resources and services can be found on their website: SBA.gov/coronavirus.
Paycheck Protection Program (PPP) vs. Economy Injury Disaster Loans (EIDL)
If I am applying for / received an Economic Injury Disaster Loan, is my small business eligible to participate in the Paycheck Protection Program?
In an effort to address what is often a cumbersome and, sometimes, lengthy permitting process for businesses and investors, Governor Ralph DLG. Torres and Lt. Governor Arnold I. Palacios have prioritized a complete review and revamp of the process with the goal of creating a more understandable and easier way to do business in the CNMI.