COVID-19 Government Relief Programs

In response to the worldwide Coronavirus pandemic, the U.S. federal government has instituted relief programs for small businesses, but many lenders and borrowers still have questions about the programs and how they can take part.


Below is some key information on these programs and links to the resources we have found most helpful. We will continue to update this page as new information becomes available - please add your email here to be updated when new information is added. 

SBA Paycheck Protection Program (PPP) Program Overview:


On March 27th, the U.S. federal government passed a bill to support small businesses and lessen their financial burden amid these challenging times.


The Paycheck Protection Program (PPP) is one of the measures included in the Coronavirus Aid, Relief and Economic Security (CARES) act. PPP is an emergency lending facility administered by the Small Business Administration (SBA) with $349 billion capacity that aims to provide small business loans at favorable terms.


These loans are issued on a first come, first served basis so it is important to apply as early as possible. 

Note: please always refer to this SBA’s website to get updated information about participating in PPP and other CARES programs

For Borrowers


  • All small- and medium-sized businesses with less than 500 employees, with the U.S as primary residence

  • Nonprofit organizations, veterans organizations, and/or tribal businesses

  • Please refer to section 2.a of this SBA Interim Final Rule document for more information on eligibility criteria and this source on detailed loan information

  • For the businesses with more than 500 employees → please refer to this SBA source to assess if the business can still be qualify for PPP loan

Size of loan and usage of funds:

  • Loans can be for up to 2.5x average monthly payroll and used for payroll (including benefits), mortgage interest, rent and utilities. 

  • To determine the maximum amount of loan a borrower can apply for → please refer to the section 2.e  of this document

  • To learn more about what business expenses can trigger loan forgiveness, please read the section 2.r  of this document 

For Lenders

  • Eligibility requirements for lenders who can issue PPP loans → section 3.a of this document

  • Information on reliability and verifiability of the documentation provided by the borrower  → section 3.c of this document

  • Information on lender agreement and how to enroll as participating SBA lender for PPP can be found here

  • Sample of SBA PPP lender application form can be found here

  • This Lender Gateway portal can be used to submit loan authorization; instructions on how to do so, can be found here

Updates on the second wave of PPP loans (dated April 22)

  • On April 21st, the Senate Republicans and Democrats reached an agreement about the bill to approve additional $480 billion to coronavirus relief programs. The bill might be approved on Thursday, April 23rd.

  • Out of the amount mentioned above, $310bln will be allocated to funding PPP.

  • As a result of the first tranche of the loan, a lot of small businesses face problems when applying for and receiving PPP loans, since some big banks prioritized their current business customers first, rather than following ‘first come, first served’ rule. 

Please note that this is still a bill that needs to be approved and stay tuned as we will update our website as soon as new information is available. 

Other helpful resources (list below resources for lenders and borrowers)

  • More information on what portion of the loan can be forgiven and how it works → section 2.o of this document

  • List of approved lenders on the SBA’s webpage

  • To learn more about how a borrower can apply for the loan and what documentation needs to be prepared → please refer to this sample application form and section 2.q of this document


  • Regarding affiliation rules (might be relevant to determine if your company fits the 500 employees criteria): click here.