IMPORTANT UPDATE ABOUT OUR PPP LOAN & FORGIVENESS APPLICATIONS:
PPP Loans: Please note that the Paycheck Protection Program officially closed to new applicants on May 28th, 2021.
PPP Forgiveness: As of Monday, May 17th, our forgiveness application has reopened for those who have a PPP loan THROUGH CEF. Visit our PPP Forgiveness page for information on how to request your PPP forgiveness app, FAQs, and more.
2021 PPP Loan Program and Application FAQs
PPP Overview
The Paycheck Protection Program (PPP), authorized under the Coronavirus Aid, Relief, and Economic Securities (CARES) Act, provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities. Need more information about the CARES Act and the PPP? View our CARES Act & PPP Summary via the link below.
Fully Forgiven
Funds are provided in the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 60% of the forgiven amount must have been used for payroll).
- Loan payments will be deferred for six months
- No collateral or personal guarantees are required
- Neither the government nor lenders will charge small businesses any fees.
Must Keep Employees on the Payroll—or Rehire Quickly
Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. If full-time headcount declines, or if salaries and wages decrease, forgiveness will be reduced.
All Small Businesses Eligible
Small businesses (including nonprofits) with 500 or fewer employees are eligible. Businesses with more than 500 employees are eligible in certain industries.
Thanks to Our Lending Partners Who Helped Make This Possible
"Once again, CEF has come to the rescue. Because of their swift action and personally helping us navigate the complex government requirements [for the PPP], we now have the funds to re-open in 30 days with all nine employees still on board."
Diana Gadison | Executive Director | Early Success Academy
