Payroll Check Program

SBA 7a Paycheck Protection Loans

The CARES Act made provisions for the Paycheck Protection Program, which sent over $350 billion to the SBA lending authority in relief and recovery loans. As part of this, Green Leaf Capital is offering Paycheck Protection Program (PPP) loans to eligible applicants such as:

small business loans

  • Businesses with fewer than 500 employees
  • Independent contractors
  • Veterans’ organizations
  • Sole proprietors
  • Not-for-profit entities
  • Other SBA-eligible organizations

The Purpose of PPP Loans

PPP loans are designed for specific purposes, including:

  • Maintaining payroll and employee salaries (excluding salaries over $100,000)
  • Prevent workers from being laid off
  • Support benefits including medical costs and paid sick leave
  • Cover rent and utility bills
  • Payment on interest for commercial mortgages

While Paycheck Protection Program loans fall under the SBA 7a heading, PPP loans cannot be used for purposes associated with typical SBA 7a loans, including commercial property transactions and business acquisitions. The Paycheck Protection Program also offers loan forgiveness which will be reduced by the number of employees laid off after receiving funds.

ppp loans

Requirements

The following documentation is required when applying for PPP loans through Green Leaf Capital:

  • Valid drivers’ license
  • IRS Forms 940 and 941
  • Payroll reports
  • Annual payroll report for 2019
  • Expense reports including lease, mortgage, and utilities
  • Copies of any SBA EIDL taken out between January 31, 2020 and April 30, 2020

If your business has been impacted by the COVID-19 pandemic and you need extra financing to help keep things upright, fill out our easy PPP loan application below. Once we receive the application, Green Leaf Capital will reach out to help you navigate the next steps so you can get the assistance you need.