Paycheck Protection Program (PPP)

RCAC is accepting and processing applications.

Information for borrowers

The Paycheck Protection Program (“PPP”) ended Aug. 8, 2020.

The loan amounts will be forgiven as long as:

  • The loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and utility costs over the elected cover-age period after the loan is made; and
  • Employee and compensation levels are maintained.

Payroll costs are capped at $100,000 on an annualized basis for each employee. Not more than 40 percent of the forgiven amount may be used for non-payroll costs.

Loan payments will be deferred for up to 16 months.

When can I apply?

  • Small businesses, sole proprietors and independent contractors can apply for and receive loans to cover their payroll and other certain expenses through existing SBA
  • Other regulated lenders and CDFI Loan Funds will be available to make these loans if they are approved and enrolled in the program.

Where can I apply?

You can apply through any existing SBA lender or through any federally insured depository institution, federally insured credit union, Farm Credit System institution or CDFI Loan Fund that is participating. Other regulated lenders may be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating or visit for a list of SBA lenders.

Who can apply?

All businesses – including nonprofits, veterans’ organizations, Tribal business concerns, sole proprietorships, self-employed individuals, and independent contractors – with 500 or fewer employees can apply. Businesses in certain industries can have more than 500 employees if they meet applicable SBA employee-based size standards for those industries (click HERE for additional detail).

For this program, the SBA’s affiliation standards are waived for small businesses (1) in the hotel and food services industries (click HERE for NAICS code 72 to confirm); or (2) that are franchises in the SBA’s Franchise Directory (click HERE to check); or (3) that receive financial assistance from small business investment companies licensed by the SBA. Additional guidance may be released as appropriate.

RCAC contacts

Michele Weaver; (385) 226-2844

Mike Carnes; (559) 731-8233