COVID-19 Guide for Your Business
Updates on CARES Act assistance along with resources, analysis, and insights to help your business manage the impact of the novel coronavirus.
PAGE UPDATED JANUARY 15, 2021
COVID-19 GUIDE FOR YOUR BUSINESS
Your Business is Our Priority
Thank you for trusting us to be your financial institution in good times and in challenging times like these. We're working diligently to help you navigate through economic uncertainty. Whether diving into the latest research, analyzing fast-moving market trends, or delivering expert-driven thought leadership, you can continue to look to us for support.
We’ll be refreshing this page regularly with updates on our response to COVID-19. We hope you’ll explore our resources, read the insights, talk to your banker, and remember: we’re here to help.
LAST UPDATED JANUARY 14, 2021
Paycheck Protection Program
The SBA Paycheck Protection Program (PPP) is an initiative offering primarily small businesses access to capital for payroll and other overhead costs.
We are excited to share that on Wednesday we expect to begin accepting applications online for first and second-time PPP loans in order to help your business.
If you’re thinking of applying, here’s how to prepare:
- Review the highlights of the program
- Gather key documents
- To apply through JPMorgan Chase, you will need an active DDA account. If you don’t have one, click here to get in touch with a representative that can help.
You may want to contact your accountant, attorney or other trusted advisors.
We are not accepting applications for increases for first-time loans at this time. Please keep checking back for updates.
For full program details, visit SBA.gov and Treasury.gov.
All borrowers:
- Must have an authorized representative who can borrow on behalf of the business.
- Must have an active JPMorgan Chase DDA
- Must have been in business as of February 15, 2020 and your business hasn’t been permanently closed
- If applying as a franchise, you will need to enter the SBA Franchise Identifier Code at the time of application. You can find that code at sba.gov/sba-franchise-directory. If your franchise isn’t on the directory, please contact your local SBA District Office to help you get it added.
- You should review the requirements and guidance provided by the SBA for complete information regarding the PPP. The SBA continues to release updated guidance. For the most updated PPP rules, requirements and other information, visit SBA.gov and Treasury.gov. You may also want to contact your accountant, attorney or other trusted advisors.
First-time borrowers (including affiliates) in general:
- Can have no more than 500 employees (or fewer or more for certain business types for certain SBA size standards)
- Accommodations and Food Services companies with NAICS code 72 can have no more than 500 employees per physical location.
- The loan can be up to 2.5 times the business’ average monthly payroll costs, up to a $10 million loan maximum (or $20 million for a corporate group)
Second-time borrowers (including affiliates) in general:
- Can have no more than 300 employees.
- Accommodations and Food Services companies with NAICS code 72 can have no more than 300 employees per physical location.
- The second loan can be up to 2.5 times the business’ average monthly payroll costs, up to a $2 million loan maximum (or $4 million for a corporate group).
- Accommodations and Food Services companies with NAICS code 72 can borrow up to 3.5 times the business’ average monthly payroll costs, up to a $2 million loan maximum.
- The business must have experienced a revenue reduction of 25% or greater in 2020 relative to 2019. In general, a borrower may calculate this revenue reduction by comparing quarterly gross receipts for one quarter in 2020 with the gross receipts for the same quarter in 2019. A business that does not file quarterly or was not in operation for all four quarters of 2019 may still qualify; see the SBA guidelines for details.
- Used or will use the full amount of the first PPP loan for authorized purposes on or before the expected date of disbursement of the second PPP Loan
* Gross receipts: all revenue in whatever form received or accrued (in accordance with the entity’s accounting method) from whatever source, including from the sales of products or services, interest, dividends, rents, royalties, fees, or commissions, reduced by returns and allowances. Generally, receipts are considered “total income” (or in the case of a sole proprietorship, independent contractor, or self-employed individual “gross income”) plus “cost of goods sold,” and excludes net capital gains or losses as these terms are defined and reported on IRS tax return forms.
For both first and second-time borrowers:
- Evidence of payroll costs for 2019 or 2020 (whichever you used to calculate your PPP loan amount).
- Useful for most businesses:
- Form 941s (or other tax forms containing similar information), state quarterly wage unemployment insurance tax reporting forms from each quarter or equivalent payroll processor records, along with evidence of any retirement and health insurance contributions, and payroll documentation from the pay period that covered February 15, 2020 that establishes you were in operation on February 15, 2020.
- Self-employed/Sole Props:
- With employees: Form 1040, Schedule C and Form 941s, state quarterly wage unemployment insurance tax reporting forms, evidence of any retirement and health insurance contributions, payroll documentation from the pay period that covered February 15, 2020 that establishes you were in operation on February 15, 2020
- Without employees: Form 1040, Schedule C and 1099-MISC invoice, bank statement, or book of record that establishes that you are self-employed and in operation on or around February 15, 2020
- Self Employed Farmer/Rancher:
- With employees: IRS Form 1040, Schedule F and Form 941s, state quarterly wage unemployment insurance tax reporting forms, evidence of any retirement and health insurance contributions, payroll documentation from the pay period that covered February 15, 2020 that establishes you were in operation on February 15, 2020
- Without employees: IRS Form 1040, Schedule F and 1099-MISC invoice, bank statement, or book of record that establishes that you are self-employed and in operation on or around February 15, 2020
- Partnerships:
- With employees: IRS Form 1065 including K-1s and Form 941s, state quarterly wage unemployment insurance tax reporting forms, evidence of any retirement and health insurance contributions payroll documentation from the pay period that covered February 15, 2020 that establishes you were in operation on February 15, 2020.
- Without employees: IRS Form 1065 including K-1s and Form 941s, state quarterly wage unemployment insurance tax reporting forms, evidence of any retirement and health insurance contributions invoice, bank statement, or book of record that establishes that you are self-employed and in operation on or around February 15, 2020.
- Useful for most businesses:
First-time borrowers only:
- If you received an EIDL loan between January 31, 2020 and April 3, 2020, have the following information about the EIDL loan available:
- Date loan received
- Loan number
- Principal amount
- Any advance received
- Outstanding principal balance as of the date of the PPP application
Second-time borrowers only:
- Documentation that shows the business experienced a revenue reduction of 25% or greater in 2020 relative to 2019.
- IMPORTANT NOTE: For loan requests of $150,000 or less, you won’t have to provide documentation when you apply for the loan, but you will have to provide documentation when you request Forgiveness.
- If your first PPP loan was NOT through JPMorgan Chase, have the following information available:
- SBA loan #
- First PPP loan amount
Disclaimer: This material is for general informational purposes only and may not apply to all borrowers. You should review the requirements and guidance provided by the SBA for complete information regarding PPP. The SBA continues to release updated guidance: visit SBA.gov and Treasury.gov.
Update January 8, 2021:
We know you are paying close attention to the additional $285 billion Congress just approved for Paycheck Protection Program (PPP) loans. Below are general highlights of what we know, and we’ll share updates and details as we learn more.
- First-time borrowers. In general, borrowers can have no more than 500 employees and their business must have been in operation as of February 15, 2020. The first loan can be up to 2.5 times the business’ average monthly payroll costs, up to a $10 million loan maximum.
- Second-time borrowers. Businesses can apply for a second PPP loan if they’ve spent or expect to spend the full amount of their first PPP loan before they receive funding for the second loan. In general, borrowers can have no more than 300 employees. The second loan can be up to 2.5 times the business’ average monthly payroll costs, up to a $2 million loan maximum.
- Accommodations and Food Services companies with NAICS code 72 can borrow up to 3.5 times the business’ average monthly payroll costs, up to a $2 million loan maximum. Also, these businesses can have no more than 300 employees per location – compared to a total of 300 employees for other companies.
- All businesses applying for a second PPP loan must show that their business revenue declined by at least 25% in any quarter in 2020 compared to the same quarter in 2019.
- Businesses can apply for a second loan whether or not they have requested Forgiveness. These highlights will apply to many borrowers, but there are some exceptions. For full program details, visit SBA.gov and Treasury.gov.
Timing
Congress has set aside funds for new and smaller borrowers, borrowers in underserved communities, and for community and smaller lenders. So, the SBA will roll out the PPP program in phases:
- Some community and smaller lenders, expected to start January 11 (first loan) and January 13 (second loan).
- All other participating lenders, including JPMorgan Chase, shortly after that.
We’ll update this page as we know more.
How to prepare
- You may want to contact your accountant, attorney or other trusted advisors.
- To apply through JPMorgan Chase, you will need an active DDA account. If you don’t have one, click here to get in touch with a representative that can help.
- Keep checking back here for updates.
PPP FAQs
47. Question: An SBA interim final rule posted on May 8, 2020 provided that any borrower who applied for a PPP loan and repays the loan in full by May 14, 2020 will be deemed by SBA to have made the required certification concerning the necessity of the loan request in good faith. Is it possible for a borrower to obtain an extension of the May 14, 2020 repayment date?
Answer: Yes, SBA is extending the repayment date for this safe harbor to May 18, 2020, to give borrowers an opportunity to review and consider FAQ #46. Borrowers do not need to apply for this extension. This extension will be promptly implemented through a revision to the SBA’s interim final rule providing the safe harbor.
46. Question: How will SBA review borrowers’ required good-faith certification concerning the necessity of their loan request?
Answer: When submitting a PPP application, all borrowers must certify in good faith that “[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.” SBA, in consultation with the Department of the Treasury, has determined that the following safe harbor will apply to SBA’s review of PPP loans with respect to this issue: Any borrower that, together with its affiliates20, received PPP loans with an original principal amount of less than $2 million will be deemed to have made the required certification concerning the necessity of the loan request in good faith.
SBA has determined that this safe harbor is appropriate because borrowers with loans below this threshold are generally less likely to have had access to adequate sources of liquidity in the current economic environment than borrowers that obtained larger loans. This safe harbor will also promote economic certainty as PPP borrowers with more limited resources endeavor to retain and rehire employees. In addition, given the large volume of PPP loans, this approach will enable SBA to conserve its finite audit resources and focus its reviews on larger loans, where the compliance effort may yield higher returns.
Importantly, borrowers with loans greater than $2 million that do not satisfy this safe harbor may still have an adequate basis for making the required good-faith certification, based on their individual circumstances in light of the language of the certification and SBA guidance. SBA has previously stated that all PPP loans in excess of $2 million, and other PPP loans as appropriate, will be subject to review by SBA for compliance with program requirements set forth in the PPP Interim Final Rules and in the Borrower Application Form. If SBA determines in the course of its review that a borrower lacked an adequate basis for the required certification concerning the necessity of the loan request, SBA will seek repayment of the outstanding PPP loan balance and will inform the lender that the borrower is not eligible for loan forgiveness. If the borrower repays the loan after receiving notification from SBA, SBA will not pursue administrative enforcement or referrals to other agencies based on its determination with respect to the certification concerning necessity of the loan request. SBA’s determination concerning the certification regarding the necessity of the loan request will not affect SBA’s loan guarantee.
20 For purposes of this safe harbor, a borrower must include its affiliates to the extent required under the interim final rule on affiliates, 85 FR 20817 (April 15, 2020).
43. Question: FAQ #31 reminded borrowers to review carefully the required certification on the Borrower Application Form that “[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.” SBA guidance and regulations provide that any borrower who applied for a PPP loan prior to April 24, 2020, and repays the loan in full by May 7, 2020, will be deemed by SBA to have made the required certification in good faith. Is it possible for a borrower to obtain an extension of the May 7, 2020 repayment date?
Answer: SBA is extending the repayment date for this safe harbor to May 14, 2020. Borrowers do not need to apply for this extension. This extension will be promptly implemented through a revision to the SBA’s interim final rule providing the safe harbor. SBA intends to provide additional guidance on how it will review the certification prior to May 14, 2020.
Please remember that you also certified you understood that knowingly making a false statement to obtain a guaranteed loan from SBA is punishable under the law, including under 18 USC 1001 and 3571 by imprisonment of not more than five years and/or a fine of up to $250,000; under 15 USC 645 by imprisonment of not more than two years and/or a fine of not more than $5,000; and, if submitted to a federally insured institution, under 18 USC 1014 by imprisonment of not more than thirty years and/or a fine of not more than $1,000,000.
The Treasury, SBA and the media have been focused on PPP loans and issues around borrower eligibility.
Throughout this process, we have relied on your certifications regarding eligibility. Federal agencies, legislators and media have been focused on PPP loans, including borrower eligibility. If you do not currently believe that your business is eligible for PPP funding (even if you’ve previously certified as to eligibility on your PPP loan application), you should consider taking action now. Please note that we anticipate that when applying for PPP loan forgiveness, borrowers will be required to make the same or similar certifications as to eligibility as those made during the application process.
If you have received PPP funding and now feel you may not be eligible: The Treasury and SBA have indicated that your prior certification as to eligibility will be deemed to have been made in good faith if you repay your PPP loan in full by May 14, 2020. To arrange for repayment by the May 14th deadline, please contact your banker no later than May 11th.
31. Question: Do businesses owned by large companies with adequate sources of liquidity to support the business’s ongoing operations qualify for a PPP loan?
Answer: In addition to reviewing applicable affiliation rules to determine eligibility, all borrowers must assess their economic need for a PPP loan under the standard established by the CARES Act and the PPP regulations at the time of the loan application. Although the CARES Act suspends the ordinary requirement that borrowers must be unable to obtain credit elsewhere (as defined in section 3(h) of the Small Business Act), borrowers still must certify in good faith that their PPP loan request is necessary. Specifically, before submitting a PPP application, all borrowers should review carefully the required certification that “current economic uncertainty makes this loan request necessary to support the ongoing operations of the applicant.” Borrowers must make this certification in good faith, taking into account their current business activity and their ability to access other sources of liquidity sufficient to support their ongoing operations in a manner that is not significantly detrimental to the business. For example, it is unlikely that a public company with substantial market value and access to capital markets will be able to make the required certification in good faith, and such a company should be prepared to demonstrate to SBA, upon request, the basis for its certification.
Lenders may rely on a borrower’s certification regarding the necessity of the loan request. Any borrower that applied for a PPP loan prior to the issuance of this guidance and repays the loan in full by May 7, 2020, will be deemed by SBA to have made the required certification in good faith.
Update December 21, 2020:
Great news. Congress just passed legislation that creates funding for additional Paycheck Protection Program loans for small businesses. It will also make it easier for current PPP borrowers with loans of $150,000 or less to request Forgiveness. The Small Business Administration (SBA) is working to finalize the details on both.
After the SBA makes the program available, we’ll provide an update on when we’ll begin accepting new PPP loan applications. To apply through JPMorgan Chase, you will need an active DDA account. If you don’t have one, click here to get in touch with a representative that can help.
For information that could help you decide when to request Forgiveness on an existing PPP loan and if you’re eligible for additional PPP funding, visit sba.gov and treasury.gov and consult with your counsel and other advisers.
LAST UPDATED JANUARY 8, 2021
Loan Forgiveness for the Paycheck Protection Program
We continue to invite clients with a PPP loan to request Forgiveness, generally starting with those who received funding first.
We’re working to get the simpler Form 3508S into our Forgiveness request process because it may help those of you with loans of $50,000 or less, though it’s still some weeks away. As a reminder, Form 3508S requires fewer calculations, and borrowers who qualify to use this form are exempt from reductions in loan Forgiveness amounts based on reductions in FTE employees or salary/hourly wages. If you have a loan that is $50,000 or less, you can wait for us to incorporate the 3508S requirements or use Form 3508EZ or 3508 once you receive your email invitation.
To prepare any Forgiveness request, we encourage you to review our helpful resources below.
Continue to check this page for updates and visit SBA.gov and Treasury.gov for full program details.
On October 8 2020, the Small Business Administration (SBA) released the simpler Form 3508S for borrowers who received a PPP Loan of $50,000 or less. Borrowers who qualify may make fewer calculations and be exempt from reductions in loan Forgiveness amounts based on reductions in Full-time Equivalent (FTE) employees or salary or hourly wages.
If you have a loan that is $50,000 or less, you can wait for us to incorporate the 3508S requirements, likely early in the new year, or use Form 3508EZ or 3508 once you receive your email invitation. In either case, we recommend you complete the Forgiveness checklist now.
Note that if you and your affiliates have PPP loans totaling $2 million or more, you cannot use Form 3508S
If you want to request Forgiveness before the Form 3508S is incorporated, you must decide whether to use Form 3508EZ or 3508.
You can request Forgiveness with SBA Form 3508S if you meet these two criteria below:
- Received a PPP loan of $50,000 or less, AND
- Together with your affiliates, didn’t receive PPP loans totaling $2 million or more.
You can request Forgiveness with SBA Form 3508EZ if you meet at least one of the three criteria below:
- Are self-employed, an independent contractor, or a sole proprietor and have no employees when you applied for the loan and did not include employee salaries in payroll costs
OR
- Did not reduce by more than 25% the salary or hourly wages of any employee earning $100,000 or less annually during the Covered Period or Alternative Payroll Covered Period -- compared to January 1, 2020 through March 31, 2020 -- and did not reduce the number of employees or hours of your employees
OR
- Did not reduce by more than 25% the salary or hourly wages of any employee earning $100,000 or less annually during the Covered Period or Alternative Payroll Covered Period -- compared to January 1, 2020 through March 31, 2020 -- and did experience reductions in business activity as a result of health directives related to COVID-19. Business activity reductions could have resulted directly or indirectly from compliance with COVID Requirements or Guidance from federal, state or local government shutdown orders that prohibited you from maintaining the same Full Time Equivalency (FTE) employee levels.
You can request Forgiveness with Form 3508 if you do not qualify to file either the SBA Form 3508EZ or 3508S.
Tables 1 and 2 of the Schedule A Worksheet on Form 3508 -- on pages 3 and 4 -- may help you calculate your payroll costs.
- The total annual amount of cash compensation eligible for Forgiveness may not exceed $100,000 per employee. So if you’re using the 8-week Covered Period, you can receive Forgiveness for no more than $15,385 per employee. If you’re using the 24-week Covered Period, you can receive Forgiveness for no more than $46,154 per employee.
- For an owner-employee, self-employed individual, or general partner using the 8-week Covered Period, eligible compensation is capped at $15,385 per individual or the 8-week equivalent of their applicable compensation in 2019, whichever is lower. If using the 24-week Covered Period, eligible compensation is capped at $20,833 per individual or the 2.5-month equivalent of their applicable compensation in 2019, whichever is lower.
Owner compensation limits are the same for Forms 3508S, 3508EZ and the full 3508.
The Loan Forgiveness Form 3508 Instructions for Borrowers has information on Average FTE calculations on page 4 that may help.
If you meet one of these two rules, then you may be exempt from any loan forgiveness reduction based on a reduction in your FTE employee levels:
FTE Reduction Safe Harbor 1:
If in good faith, you are able to document that you were unable to operate between February 15, 2020, and the end of the Covered Period at the same level of business activity as before February 15, 2020, due to compliance with requirements established or guidance issued between March 1, 2020 and December 31, 2020, by the Secretary of Health and Human Services, the Director of the Centers for Disease Control and Prevention, or the Occupational Safety and Health Administration, related to the maintenance of standards for sanitation, social distancing, or any other worker or customer safety requirement related to COVID-19.
FTE Reduction Safe Harbor 2:
· You reduced your FTE employee levels in the period beginning February 15, 2020, and ending April 26, 2020; AND
· You then restored your FTE employee levels by not later than December 31, 2020 to your FTE employee levels in the pay period that included February 15, 2020.
- Here are additional updates from the SBA that apply to both PPP Loan Forgiveness Application Forms:
- You now have a 24-week Covered Period to spend loan funds starting the date loan funds were deposited into your account. If you were funded prior to June 5, you can still use the 8-week period and Alternative Payroll Covered Period.
- You must use at least 60% of funds for eligible payroll costs to qualify for full Loan Forgiveness.
- You can use up to 40% of funds for eligible non-payroll costs.
- Payments are generally deferred until 10 months after your 8-week or 24-week Covered Period ends.
- If you apply for Forgiveness in the deferral period, you won’t have to start making payments on unforgiven amounts until the SBA provides a decision on your request or remits funds.
- If you do not apply for Forgiveness within the deferral period, you must begin making payments after your deferral period.
Before you request Loan Forgiveness, we recommend you do the following:
Document your eligible payroll and non-payroll costs
- Your documentation should cover your payroll and non-payroll costs incurred or paid during your Covered Period or your Alternative Payroll Covered Period.
Below are the document types you may need to retain or submit when requesting Forgiveness through JPMorgan Chase. The documents required may differ depending on if you are using Form 3508EZ or 3508. For a complete list of documentation required, please see the Loan Forgiveness Application Instructions for Borrowers for Form 3508EZ and 3508.
Verifying the eligible cash compensation and non-cash benefits payments from the Covered Period or the Alternative Payroll Covered Period:
- Bank statements or third-party payroll provider reports noting cash compensation paid to employees
- Payroll tax forms (typically IRS Form 941) showing employee wages, tips, and other compensation
- State quarterly tax forms
- Cancelled checks or bank statements documenting employer contributions to health insurance and retirement plans
Verifying the existence of the obligations/services prior to February 15, 2020 and eligible payments from the Covered Period.
- For business utilities:
- Copy of invoices from February 2020 and those paid during the Covered Period and receipts, cancelled checks, or account statements verifying those eligible payments.
- For business rent or lease:
- Copy of current lease agreement and receipts or cancelled checks verifying eligible payments from the Covered Period; or lessor account statements from February 2020 and from the Covered Period through one month after the end of the Covered Period verifying eligible payments.
- For business mortgage interest:
- Copy of lender amortization schedule and receipts or cancelled checks verifying eligible payments from the Covered Period; or lender account statements from February 2020 and the months of the Covered Period through one month after the end of the Covered Period verifying interest amounts and eligible payments.
Documents supporting the average number of FTE employees (not required if you don’t have employees) during the Covered Period or Alternative Payroll Covered Period and reference period. Documents may include:
- Payroll tax forms (typically IRS Form 941) showing employee wages, tips and other compensation.
- State quarterly tax forms.
- Individual employee wage reporting.
- Unemployment insurance tax filings reported.
- Familiarize yourself with the SBA Loan Forgiveness Form 3508EZ Instructions to understand if you can use Form 3508EZ.
- You are not required to complete Form 3508EZ or 3508 before starting your online Forgiveness request. You will need to provide this information when requesting Forgiveness through the JPMorgan Chase portal.
- If Form 3508 applies, then you must complete the PPP Schedule A Worksheet before requesting Forgiveness.
- If you have a payroll provider, request a payroll report from them.
We’ll email you when you can request Loan Forgiveness through JPMorgan Chase. Please keep in mind:
- Forgiveness is not automatic, you must request it through JPMorgan Chase.
- For Chase Connect users, you will be able to sign into the forgiveness portal using your Chase Connect account. For non-Chase Connect users, you will be able to register for a forgiveness account in the portal.
- You should request Forgiveness only after you have spent all the funds that are eligible for Forgiveness.
- We will pre-fill your standard business information on your Forgiveness request as well as:
- SBA PPP Loan Number
- JPMorgan Chase PPP Loan Number
- PPP Loan Disbursement Date
- You will need to certify and document that you used the loan funds for SBA-eligible purposes.
- You’ll be able to check your Forgiveness status online after you submit your request.
- Once the SBA makes a decision, we’ll email you.
It is your obligation, as the borrower, to understand the SBA's rules. Other eligibility requirements may apply.
Guidance for questions concerning requesting Forgiveness from the SBA Paycheck Protection Program
- What to Document
- What to Prepare
- Requesting Loan Forgiveness
- What to Expect After Requesting Forgiveness
Please visit SBA.gov or Treasury.gov for any updates.
The SBA does not require a separate account.
The Covered Period is either:
- The 24-week (168-day) period beginning on the PPP Loan Disbursement Date, or
- The 8-week (56-day) period beginning on the PPP Loan Disbursement Date if you received your PPP loan before June 5, 2020, and elect to use an eight-week (56-day) Covered Period.
For example, if you are using a 24-week Covered Period and received your PPP loan proceeds on Monday, April 20, the first day of the Covered Period is April 20 and the last day of the Covered Period is Sunday, October 4.
The Covered Period cannot extend beyond December 31, 2020.
It’s an additional choice for companies that have a biweekly (or more frequent) payroll schedule. You can always choose the Covered Period.
For loans funded before June 5, 2020:
- You may elect to calculate eligible payroll costs using either:
- the 24-week (168-day) period that begins on the first day of your first pay period following their PPP Loan Disbursement Date
- the eight-week (56-day) period) that begins on the first day of your first pay period following their PPP Loan Disbursement Date.
For loans funded on June 5, 2020 or later:
You may elect to calculate eligible payroll costs using the 24-week (168-day) period that begins on the first day of your first pay period following their PPP Loan Disbursement Date.
For example, if you are using a 24-week Alternative Payroll Covered Period and received its PPP loan proceeds on Monday, April 20, and the first day of its first pay period following its PPP loan disbursement is Sunday, April 26, the first day of the Alternative Payroll Covered Period is April 26 and the last day of the Alternative Payroll Covered Period is Saturday, October 10.
If you elect to use any Alternative Payroll Covered Period, you must:
- Apply the Alternative Payroll Covered Period wherever there is a reference in this application to “the Covered Period or the Alternative Payroll Covered Period.”
However, you must apply the Covered Period -- not the Alternative Payroll Covered Period -- wherever there is a reference in this application to “the Covered Period” only. The Alternative Payroll Covered Period cannot extend beyond December 31, 2020.
It begins on the date loan funds were deposited into your account -- look for the ACH credit for SMALL BUSINESS N/A CREDIT PPD in your transaction history. If using the Alternative Payroll Covered Period, it starts the first day of your first pay period following your loan disbursement date.
Under current SBA guidance:
- You must use at least 60% of funds for eligible payroll costs to qualify for full loan forgiveness, down from 75%
- You can use up to 40% of funds for eligible non-payroll costs, up from 25%
You need to use the funds within the Covered Period or Alternative Covered Period.
Yes, for the portion that meets all the SBA rules and if the SBA approves your request for Forgiveness.
Based on the latest SBA announcements, you may be eligible for partial Forgiveness. However, since you can only request Forgiveness once, it would be beneficial to use all of your funds before requesting Forgiveness.
Payroll costs consist of compensation to your employees (whose principal place of residence is the United States) in the form of salary, wages, commissions, or similar compensation; cash tips or the equivalent (based on employer records of past tips or, in the absence of such records, a reasonable, good-faith employer estimate of such tips); payment for vacation, parental, family, medical, or sick leave; allowance for separation or dismissal; payment for the provision of employee benefits consisting of group health care coverage, including insurance premiums, and retirement; payment of state and local taxes assessed on compensation of employees; and for an independent contractor or sole proprietor, wages, commissions, income, or net earnings from self-employment, or similar compensation.
You are generally eligible for payroll costs paid and payroll costs incurred during the Covered Period or Alternative Payroll Covered Period. Payroll costs are considered:
- Paid on the day that paychecks are distributed or you originate an ACH credit transaction or
- Incurred on the day that your employees’ pay is earned
Yes.
Yes, your eligibility shouldn’t be affected by this. See FAQ 10 for the acceptable documents
- The total annual amount of cash compensation eligible for Forgiveness may not exceed $100,000 per employee. So if you’re using the 8-week Covered Period, you can receive Forgiveness for no more than $15,385 per employee. If you’re using the 24-week Covered Period, you can receive Forgiveness for no more than $46,154 per employee.
- For an owner-employee, self-employed individual, or general partner using the 8-week Covered Period, eligible compensation is capped at $15,385 per individual or the 8-week equivalent of their applicable compensation in 2019, whichever is lower. If using the 24-week Covered Period, eligible compensation is capped at $20,833 per individual or the 2.5-month equivalent of their applicable compensation in 2019, whichever is lower.
Owner compensation limits are the same for Forms 3508S, 3508EZ and the full 3508.
According to the SBA’s Instructions for PPP Schedule A, the following payroll costs are eligible for Forgiveness if incurred during the Covered or Alternative Payroll Covered Periods:
- Employer contributions for employee health insurance, including employer contributions to a self-insured, employer-sponsored group health plans
- Employer contributions to employee retirement plans, including pension plans
- Employer state and local taxes assessed on employee compensation (e.g., state unemployment insurance tax)
The following are not eligible for Forgiveness:
- Employee contributions -- either pre-tax or after-tax -- to health insurance and/or retirement plans
- Employer contributions made on behalf of a self-employed individual, general partners, or owner-employees of an S-corporation, because such payments are already included in their compensation
- Any taxes withheld from employee earnings
The SBA states the below categories are eligible if service began before February 15, 2020:
- phone
- internet
- gas
- water
- electricity
- transportation
Please visit SBA.gov or Treasury.gov for any updates.
No. However, mortgage interest payments do qualify as a non-payroll cost.
Yes – if the borrow does not own the property, they need to submit a rent or lease agreement.
No.
Yes, so long as at least 60% of the funds requested for Forgiveness are used for eligible payroll costs and no more than up to 40% of funds requested for Forgiveness are used for eligible non-payroll costs.
- Business mortgage interest payments: Copy of lender amortization schedule and receipts or cancelled checks verifying eligible payments from the Covered Period; or lender account statements from February 2020 and the months of the Covered Period through one month after the end of the Covered Period verifying interest amounts and eligible payments.
- Business rent or lease payments: Copy of current lease agreement and receipts or cancelled checks verifying eligible payments from the Covered Period; or lessor account statements from February 2020 and from the Covered Period through one month after the end of the Covered Period verifying eligible payments.
- Business utility payments: Copy of invoices from February 2020 and those paid during the Covered Period and receipts, cancelled checks, or account statements verifying those eligible payments.
You should submit all documents showing you’ve met FTE, payroll and/or non-payroll guidelines for the full amount that you’re requesting Forgiveness. This means you may need to submit documents for multiple reporting periods. For example, to show payroll costs across multiple quarters, you may need to submit 2 or 3 quarterly filings of IRS Form 941s, state quarterly business and individual employee wage reports, or unemployment insurance tax filings.
No.
If the documents you submit to support your Forgiveness request include your DBA or Tradename, you must submit additional documents to show the connection between that name and the legal name of your business.
Yes, you must upload them with your supporting documents.
No. You must request Forgiveness through the JPMorgan Chase online portal.
Yes. There is no prepayment penalty.
The SBA indicated it will reduce your maximum Forgiveness amount by your EIDL advance of up to $10,000. If the SBA deducts the EIDL advance amount, you’re responsible for repaying the EIDL advance amount plus the interest that has accrued on your EIDL loan advance from the day you received your PPP loan funds, in addition to any part of your PPP loan that is not forgiven. Interest will continue to accrue until your loan is paid off.
During the Forgiveness process, we will ask you if you received an EIDL advance.
The SBA may provide further guidance on EIDL advances. Visit SBA.gov or Treasury.gov for the latest updates on this program.
Yes, you can request Forgiveness and two major factors set by the SBA will be 1) changes of compensation during your Covered Period and 2) Average FTE during your Covered Period divided by Average FTE during your chosen reference period.
If you have a PPP loan of $50,000 or less, you may be eligible to use Form 3508S. This allows you to make fewer calculations and be exempt from reductions in loan Forgiveness amounts based on reductions in Full-time Equivalent (FTE) employees or salary or hourly wages. However, if you and your affiliates have PPP loans totaling $2 million or more, you can’t use the new form. We will let you know when we are ready to begin accepting requests with Form 3508S, likely early in the new year. In the meantime, please refer to the SBA’s new Form 3508S on SBA.gov.
Documents may include payroll tax filings reported, or that will be reported, to the IRS (typically, Form 941) and state quarterly business and individual employee wage reporting and unemployment insurance tax filings reported, or that will be reported. Documents submitted may cover periods longer than the specific time period.
The selected time period must be the same time period selected for purposes of completing PPP Schedule A, line 11.
- The average number of FTE employees on payroll per week you employed between February 15, 2019 and June 30, 2019;
- The average number of FTE employees on payroll per week you employed between January 1, 2020 and February 29, 2020; or
- In the case of a seasonal employer, the average number of FTE employees on payroll per week you employed between February 15, 2019 and June 30, 2019; between January 1, 2020 and February 29, 2020; or any consecutive 12-week period between May 1, 2019 and September 15, 2019.
If you are using either the full Form 3508 or 3508EZ, your loan Forgiveness amount may be reduced if your average weekly FTE employees during the Covered Period or Alternative Payroll Covered Period was less than during your chosen reference period and doesn’t meet Full-time Equivalency (FTE) Reduction Safe Harbor rules.
If you are using Form 3508S, you are exempt from any reductions in your loan Forgiveness amount based on reductions in full-time equivalent (FTE) employees or in salaries or wages.
- If you are using either the full Form 3508 or 3058EZ, the FTE Reduction Exceptions may apply to you if: Any positions for which you made a good-faith, written offer to rehire an individual who was an employee on February 15, 2020 and you were unable to hire similarly qualified employees for unfilled positions on or before December 31, 2020;
- Any positions for which you made a good-faith, written offer to restore any reduction in hours, at the same salary or wages, during the Covered Period or the Alternative Covered Period and the employee rejected the offer, and
- Any employees who during the Covered Period or the Alternative Payroll Covered Period
- Were fired for cause
- Voluntarily resigned,
- Voluntarily requested and received a reduction of their hours. In all of these cases, include these FTEs on this line only if the position was not filled by a new employee.
If you are using Form 3508S, you are exempt from any reductions in your loan Forgiveness amount based on reductions in full-time equivalent (FTE) employees or in salaries or wages.
If using the full Form 3508 or 3508EZ, the rules may apply if you meet either Safe Harbor 1 or 2:
FTE Reduction Safe Harbor 1: In good faith, you are able to document that you were unable to operate between February 15, 2020, and the end of the Covered Period at the same level of business activity as before February 15, 2020, due to compliance with requirements established or guidance issued between March 1, 2020 and December 31, 2020, by the Secretary of Health and Human Services, the Director of the Centers for Disease Control and Prevention, or the Occupational Safety and Health Administration, related to the maintenance of standards for sanitation, social distancing, or any other worker or customer safety requirement related to COVID-19.
FTE Reduction Safe Harbor 2:
- You reduced your FTE employee levels in the period beginning February 15, 2020, and ending April 26, 2020; AND
- You then restored your FTE employee levels by not later than December 31, 2020 to your FTE employee levels in the pay period that included February 15, 2020.
If you added to your FTE employment levels and maintained similar salary and wage levels, it should not affect your ability to request Forgiveness.
It depends on whether your transaction or series of transactions will constitute a “change of ownership.”
A “change of ownership” will be considered to have occurred if:
(1) at least 20 percent of the common stock or other ownership interest of a PPP borrower (including a publicly traded entity) is sold or otherwise transferred, whether in one or more transactions (in aggregate since the date of loan origination), including to an affiliate or an existing owner of the entity
(2) a PPP borrower sells or otherwise transfers at least 50 percent of its assets (measured by fair market value), whether in one or more transactions, or
(3) a PPP borrower is merged with or into another entity.
No “change of ownership” = No approval required. If your transaction or series of transactions will not result in a “change of ownership” as described above, then neither JPMorgan Chase nor SBA approval is required.
A “change of ownership” = Approval required. If your transaction or series of transactions will result in a “change of ownership” as described above, JPMorgan Chase or SBA approval is required as follows:
- If the change in ownership is comprised of the sale or other transfer of 20-50% of the common stock or other ownership interest of the PPP borrower (and the PPP borrower will not be merged with or into another entity), then Chase approval is required (but establishment of a funded escrow and prior submission of Forgiveness application will not typically be required).
- If the change in ownership is comprised of (a) the sale or other transfer of more than 50% of the common stock or other ownership of the PPP borrower, (b) the sale of 50% or more of the PPP borrower’s assets (measured by fair market value), or (c) the merger of the PPP borrower with or into another entity, then either JPMorgan Chase or SBA approval is required.
- JPMorgan Chase Approval: As a condition to obtaining JPMorgan Chase approval (in accordance with SBA requirements) you will be required to, among other things, (i) establish and fund an escrow account at JPMorgan Chase in an amount equal to the outstanding loan balance (including interest) and (ii) immediately apply for Forgiveness.
- SBA Approval: In lieu of obtaining JPMorgan Chase approval, you may request approval from the SBA. The SBA may take up to 60 days to review such request and the request could be denied. The approval request must include a reason why the PPP borrower cannot repay the loan or establish a funded escrow account (as described above) prior to the change of ownership. SBA may impose additional requirements.
- You can avoid the need for JPMorgan Chase or SBA approval altogether if you are able to reduce your PPP loan balance to $0 (by obtaining Forgiveness and/or repaying their loan) prior to the change of ownership.
No, you may be required to take additional steps such as establishing an escrow account.
If an escrow account is required, it must be established with JPMorgan Chase.
Please contact your banker if you’d like to process the change of ownership, and we’ll assist you with an escrow account.
It will vary, depending on factors such as whether an escrow account is required.
We’ll allow only one authorized representative of a company listed on the account to request Forgiveness. It does not have to be the same person who applied for the loan.
Once a representative starts a Forgiveness request online, they will be the only one who can edit, sign and submit the request, and receive status notifications.
No. Businesses that received a PPP loan need to request Forgiveness through the bank that processed their loan.
We continue to invite all customers with a PPP loan to request Forgiveness, generally starting with those who received funding first and who are ready to submit using SBA Form 3508EZ or 3508.
We expect to start processing the simpler SBA Form 3508S online early in the new year. So you may choose to wait for that or proceed with either Form 3508EZ or 3508, depending on your situation. In either case, we recommend completing the Forgiveness checklist now.
Please remember you have plenty of time to request Forgiveness.
- If you submit a complete Forgiveness request within 10 months after the end of your Covered Period, you don’t have to make a payment until the SBA makes a decision and remits a payment, if any.
- If you don’t submit a complete Forgiveness request within 10 months after the end of the Covered Period, you will need to start making payments.
Interest began to accrue the day you received your PPP funds. If the SBA forgives any part of your loan, it will forgive the associated accrued interest, too. You need to start making payments after your deferral period ends -- 10 months after your chosen 8-week or 24-week Covered Period -- or when the SBA makes a decision and remits a payment, if any.
You have until your current loan maturity date to request Forgiveness, but your payments will begin after you deferral period ends.
Yes, however, please consult your counsel or advisors for implications of doing so.
We will pre-fill your standard business information, as well as:
- SBA PPP Loan Number
- JPMorgan Chase PPP Loan Number
- PPP Loan Disbursement Date
You must submit answers from PPP Loan Forgiveness Calculation Form and PPP Schedule A. The Schedule A Worksheet will help you complete the PPP Schedule A. To view these documents, click here > Latest Updates > “Document your eligible payroll and non-payroll costs”.
You can use Form 3508S if you meet these two criteria below:
- Received a PPP loan of $50,000 or less, AND
- Together with your affiliates, didn’t receive PPP loans totaling $2 million or more.
We expect to start processing the simpler SBA Form 3508S online early in the new year. So you may choose to wait for that or proceed with either Form 3508EZ or 3508, depending on your situation when you receive the invitation email.
You may be able to use Form 3508EZ if you:
- Are self-employed and have no employees; or
- Did not reduce the salaries or wages of your employees by more than 25%, and did not reduce the number or hours of your employees; or
- Experienced reductions in business activity as a result of health directives related to COVID-19, and did not reduce the salaries or wages of your employees by more than 25%.
Otherwise, you may have to use Form 3508.
No, you will be able to request Forgiveness up until your loan maturity date, according to SBA guidance. The SBA indicated it plans to update the October 31, 2020 expiration date on the forms.
You must submit eligible payroll and non-payroll costs on the SBA Form 3508EZ. You may choose to submit the PPP Borrower Demographic Information Form.
Yes, regardless of which Form you use. You’ll need to fill out tables 1 and 2 of the worksheet to help calculate your payroll costs, but you should not upload the worksheet.
The SBA has shared the following guidance on what Payroll documents will be needed to verify the eligible cash compensation and non-cash benefit payments from the Covered Period or the Alternative Payroll Covered Period consisting of each of the following:
- Bank account or third-party payroll service provider reports documenting the amount of cash compensation paid to employees.
- Tax forms (or equivalent third-party payroll service provider reports) for the periods that overlap with the Covered Period or the Alternative Payroll Covered Period:
- Payroll tax filings reported, or that will be reported, to the IRS (typically, Form 941); and
- State quarterly business and individual employee wage reporting and unemployment insurance tax filings reported, or that will be reported, to the relevant state.
Payment receipts, cancelled checks, or account statements documenting the amount of any employer contributions to employee health insurance and retirement plans that you included in the Forgiveness amount.
- All PPP borrowers, individually or together with their affiliates, that received PPP loans with an original principal amount of $2 million or greater.
- Some PPP borrowers with loan amounts of less than $2 million, when required by the SBA.
We will email you if the SBA issues a request to complete the Loan Necessity Questionnaire and/or Notice of Review for your PPP loan. You must return all requested information to us within 10 business days.
See FAQ 53 for more information. You may want to contact your accountant, attorney or other trusted advisors to assist in completion.
We'll send you an email when we've sent your request to the SBA and when the SBA has made a decision. After you submit a complete request to us, it may take up to 60 days to review. Then we will send your request to the SBA, which may take up to an additional 90 days to review and authorize. Actual times will vary.
You may be forgiven for all, some or none of your loan. You must repay the principal and interest amount of the unforgiven portion of your loan.
For loans made before June 5, the maturity is two years. For loans funded on or after June 5, the maturity is five years.
Yes. You will have the opportunity to extend your current 2-year loan term to 5 years if:
- the Small Business Administration (SBA) has made a decision on your Loan Forgiveness request and
- you have an outstanding balance
Once that happens, you’ll receive an email from JPMorgan Chase via DocuSign to electronically sign a new note.
The SBA, in its discretion, may undertake a review at any time including after Forgiveness has been approved. A borrower must retain PPP documentation for six years after the date the loan is forgiven or repaid in full.
Yes, as long as the SBA’s detailed appeal process – which was posted on August 11 -- is followed. For details, visit Treasury.gov under Program Rules -- Interim Final Rule on Appeals of SBA Loan Review Decisions (8.11.2020).
No. The new legislation confirms that the lender is only responsible for paying fees when it directly contracts with the agent.
Loan Forgiveness for the Paycheck Protection Program
We continue to invite clients with a PPP loan to request Forgiveness, generally starting with those who received funding first.
The Small Business Administration has created the simpler Form 3508S for smaller PPP Loans. If you have a loan that is $50,000 or less, you can wait for us to incorporate the 3508S requirements, likely early in the new year, or use Form 3508EZ or 3508 once you receive your email invitation. In either case, we recommend you complete the Forgiveness checklist now.
Continue to check this page for updates and visit SBA.gov and Treasury.gov for full program details.
You can request Forgiveness with SBA Form 3508S if you meet these two criteria below:
- Received a PPP loan of $50,000 or less, AND
- Together with your affiliates, didn’t receive PPP loans totaling $2 million or more.
You can request Forgiveness with SBA Form 3508EZ if you meet at least one of the three criteria below:
- Are self-employed, an independent contractor, or a sole proprietor and have no employees when you applied for the loan and did not include employee salaries in payroll costs
OR
- Did not reduce by more than 25% the salary or hourly wages of any employee earning $100,000 or less annually during the Covered Period or Alternative Payroll Covered Period -- compared to January 1, 2020 through March 31, 2020 -- and did not reduce the number of employees or hours of your employees
OR
- Did not reduce by more than 25% the salary or hourly wages of any employee earning $100,000 or less annually during the Covered Period or Alternative Payroll Covered Period -- compared to January 1, 2020 through March 31, 2020 -- and did experience reductions in business activity as a result of health directives related to COVID-19. Business activity reductions could have resulted directly or indirectly from compliance with COVID Requirements or Guidance from federal, state or local government shutdown orders that prohibited you from maintaining the same Full Time Equivalency (FTE) employee levels.
Tables 1 and 2 of the Schedule A Worksheet on Form 3508 -- on pages 3 and 4 -- may help you calculate your payroll costs.
- The total annual amount of cash compensation eligible for Forgiveness may not exceed $100,000 per employee. So if you’re using the 8-week Covered Period, you can receive Forgiveness for no more than $15,385 per employee. If you’re using the 24-week Covered Period, you can receive Forgiveness for no more than $46,154 per employee.
- For an owner-employee, self-employed individual, or general partner using the 8-week Covered Period, eligible compensation is capped at $15,385 per individual or the 8-week equivalent of their applicable compensation in 2019, whichever is lower. If using the 24-week Covered Period, eligible compensation is capped at $20,833 per individual or the 2.5-month equivalent of their applicable compensation in 2019, whichever is lower.
Owner compensation limits are the same for Forms 3508S, 3508EZ and the full 3508.
The Loan Forgiveness Form 3508 Instructions for Borrowers has information on Average FTE calculations on page 4 that may help.
If you meet one of these two rules, then you may be exempt from any loan forgiveness reduction based on a reduction in your FTE employee levels:
FTE Reduction Safe Harbor 1:
If in good faith, you are able to document that you were unable to operate between February 15, 2020, and the end of the Covered Period at the same level of business activity as before February 15, 2020, due to compliance with requirements established or guidance issued between March 1, 2020 and December 31, 2020, by the Secretary of Health and Human Services, the Director of the Centers for Disease Control and Prevention, or the Occupational Safety and Health Administration, related to the maintenance of standards for sanitation, social distancing, or any other worker or customer safety requirement related to COVID-19.
FTE Reduction Safe Harbor 2:
· You reduced your FTE employee levels in the period beginning February 15, 2020, and ending April 26, 2020; AND
· You then restored your FTE employee levels by not later than December 31, 2020 to your FTE employee levels in the pay period that included February 15, 2020.
Verifying the eligible cash compensation and non-cash benefits payments from the Covered Period or the Alternative Payroll Covered Period:
- Bank statements or third-party payroll provider reports noting cash compensation paid to employees
- Payroll tax forms (typically IRS Form 941) showing employee wages, tips, and other compensation
- State quarterly tax forms
- Cancelled checks or bank statements documenting employer contributions to health insurance and retirement plans
Verifying the existence of the obligations/services prior to February 15, 2020 and eligible payments from the Covered Period.
- For business utilities:
- Copy of invoices from February 2020 and those paid during the Covered Period and receipts, cancelled checks, or account statements verifying those eligible payments.
- For business rent or lease:
- Copy of current lease agreement and receipts or cancelled checks verifying eligible payments from the Covered Period; or lessor account statements from February 2020 and from the Covered Period through one month after the end of the Covered Period verifying eligible payments.
- For business mortgage interest:
- Copy of lender amortization schedule and receipts or cancelled checks verifying eligible payments from the Covered Period; or lender account statements from February 2020 and the months of the Covered Period through one month after the end of the Covered Period verifying interest amounts and eligible payments.
Documents supporting the average number of FTE employees (not required if you don’t have employees) during the Covered Period or Alternative Payroll Covered Period and reference period. Documents may include:
- Payroll tax forms (typically IRS Form 941) showing employee wages, tips and other compensation.
- State quarterly tax forms.
- Individual employee wage reporting.
- Unemployment insurance tax filings reported.
- Familiarize yourself with the SBA Loan Forgiveness Form 3508EZ Instructions to understand if you can use Form 3508EZ.
- You are not required to complete Form 3508EZ or 3508 before starting your online Forgiveness request. You will need to provide this information when requesting Forgiveness through the JPMorgan Chase portal.
- If Form 3508 applies, then you must complete the PPP Schedule A Worksheet before requesting Forgiveness.
- If you have a payroll provider, request a payroll report from them.
We’ll email you when you can request Loan Forgiveness through JPMorgan Chase. Please keep in mind:
- Forgiveness is not automatic, you must request it through JPMorgan Chase.
- For Chase Connect users, you will be able to sign into the forgiveness portal using your Chase Connect account. For non-Chase Connect users, you will be able to register for a forgiveness account in the portal.
- You should request Forgiveness only after you have spent all the funds that are eligible for Forgiveness.
- We will pre-fill your standard business information on your Forgiveness request as well as:
- SBA PPP Loan Number
- JPMorgan Chase PPP Loan Number
- PPP Loan Disbursement Date
- You will need to certify and document that you used the loan funds for SBA-eligible purposes.
- You’ll be able to check your Forgiveness status online after you submit your request.
- Once the SBA makes a decision, we’ll email you.
It is your obligation, as the borrower, to understand the SBA's rules. Other eligibility requirements may apply.
Loan Forgiveness for the Paycheck Protection Program
We continue to invite clients with a PPP loan to request Forgiveness, generally starting with those who received funding first.
The Small Business Administration has created the simpler Form 3508S for smaller PPP Loans. If you have a loan that is $50,000 or less, you can wait for us to incorporate the 3508S requirements, likely early in the new year, or use Form 3508EZ or 3508 once you receive your email invitation. In either case, we recommend you complete the Forgiveness checklist now.
Continue to check this page for updates and visit SBA.gov and Treasury.gov for full program details.
On October 8 2020, the Small Business Administration (SBA) released the simpler Form 3508S for borrowers who received a PPP Loan of $50,000 or less. Borrowers who qualify may make fewer calculations and be exempt from reductions in loan Forgiveness amounts based on reductions in Full-time Equivalent (FTE) employees or salary or hourly wages.
If you have a loan that is $50,000 or less, you can wait for us to incorporate the 3508S requirements, likely early in the new year, or use Form 3508EZ or 3508 once you receive your email invitation. In either case, we recommend you complete the Forgiveness checklist now.
Note that if you and your affiliates have PPP loans totaling $2 million or more, you cannot use Form 3508S
If you want to request Forgiveness before the Form 3508S is incorporated, you must decide whether to use Form 3508EZ or 3508.
Loan Forgiveness for the Paycheck Protection Program
We continue to invite clients with a PPP loan to request Forgiveness, generally starting with those who received funding first.
The Small Business Administration has created the simpler Form 3508S for smaller PPP Loans. If you have a loan that is $50,000 or less, you can wait for us to incorporate the 3508S requirements, likely early in the new year, or use Form 3508EZ or 3508 once you receive your email invitation. In either case, we recommend you complete the Forgiveness checklist now.
Continue to check this page for updates and visit SBA.gov and Treasury.gov for full program details.
Loan Forgiveness for the Paycheck Protection Program
We continue to invite clients with a PPP loan to request Forgiveness, generally starting with those who received funding first.
We’re working to get the simpler Form 3508S into our Forgiveness request process because it may help those of you with loans of $50,000 or less, though it’s still some weeks away. As a reminder, Form 3508S requires fewer calculations, and borrowers who qualify to use this form are exempt from reductions in loan Forgiveness amounts based on reductions in FTE employees or salary/hourly wages. If you have a loan that is $50,000 or less, you can wait for us to incorporate the 3508S requirements or use Form 3508EZ or 3508 once you receive your email invitation.
To prepare any Forgiveness request, we encourage you to review our helpful resources below.
Continue to check this page for updates and visit SBA.gov and Treasury.gov for full program details.
SBA PPP - LOAN FORGIVENESS FAQS
Guidance for questions concerning requesting Forgiveness from the SBA Paycheck Protection Program
Please visit SBA.gov or Treasury.gov for any updates.
The SBA does not require a separate account.
The Covered Period is either:
- The 24-week (168-day) period beginning on the PPP Loan Disbursement Date, or
- The 8-week (56-day) period beginning on the PPP Loan Disbursement Date if you received your PPP loan before June 5, 2020, and elect to use an eight-week (56-day) Covered Period.
For example, if you are using a 24-week Covered Period and received your PPP loan proceeds on Monday, April 20, the first day of the Covered Period is April 20 and the last day of the Covered Period is Sunday, October 4.
The Covered Period cannot extend beyond December 31, 2020.
It’s an additional choice for companies that have a biweekly (or more frequent) payroll schedule. You can always choose the Covered Period.
For loans funded before June 5, 2020:
- You may elect to calculate eligible payroll costs using either:
- the 24-week (168-day) period that begins on the first day of your first pay period following their PPP Loan Disbursement Date
- the eight-week (56-day) period) that begins on the first day of your first pay period following their PPP Loan Disbursement Date.
For loans funded on June 5, 2020 or later:
You may elect to calculate eligible payroll costs using the 24-week (168-day) period that begins on the first day of your first pay period following their PPP Loan Disbursement Date.
For example, if you are using a 24-week Alternative Payroll Covered Period and received its PPP loan proceeds on Monday, April 20, and the first day of its first pay period following its PPP loan disbursement is Sunday, April 26, the first day of the Alternative Payroll Covered Period is April 26 and the last day of the Alternative Payroll Covered Period is Saturday, October 10.
If you elect to use any Alternative Payroll Covered Period, you must:
- Apply the Alternative Payroll Covered Period wherever there is a reference in this application to “the Covered Period or the Alternative Payroll Covered Period.”
However, you must apply the Covered Period -- not the Alternative Payroll Covered Period -- wherever there is a reference in this application to “the Covered Period” only. The Alternative Payroll Covered Period cannot extend beyond December 31, 2020.
It begins on the date loan funds were deposited into your account -- look for the ACH credit for SMALL BUSINESS N/A CREDIT PPD in your transaction history. If using the Alternative Payroll Covered Period, it starts the first day of your first pay period following your loan disbursement date.
Under current SBA guidance:
- You must use at least 60% of funds for eligible payroll costs to qualify for full loan forgiveness, down from 75%
- You can use up to 40% of funds for eligible non-payroll costs, up from 25%
You need to use the funds within the Covered Period or Alternative Covered Period.
Yes, for the portion that meets all the SBA rules and if the SBA approves your request for Forgiveness.
Based on the latest SBA announcements, you may be eligible for partial Forgiveness. However, since you can only request Forgiveness once, it would be beneficial to use all of your funds before requesting Forgiveness.
Payroll costs consist of compensation to your employees (whose principal place of residence is the United States) in the form of salary, wages, commissions, or similar compensation; cash tips or the equivalent (based on employer records of past tips or, in the absence of such records, a reasonable, good-faith employer estimate of such tips); payment for vacation, parental, family, medical, or sick leave; allowance for separation or dismissal; payment for the provision of employee benefits consisting of group health care coverage, including insurance premiums, and retirement; payment of state and local taxes assessed on compensation of employees; and for an independent contractor or sole proprietor, wages, commissions, income, or net earnings from self-employment, or similar compensation.
You are generally eligible for payroll costs paid and payroll costs incurred during the Covered Period or Alternative Payroll Covered Period. Payroll costs are considered:
- Paid on the day that paychecks are distributed or you originate an ACH credit transaction or
- Incurred on the day that your employees’ pay is earned
Yes.
Yes, your eligibility shouldn’t be affected by this. See FAQ 10 for the acceptable documents
- The total annual amount of cash compensation eligible for Forgiveness may not exceed $100,000 per employee. So if you’re using the 8-week Covered Period, you can receive Forgiveness for no more than $15,385 per employee. If you’re using the 24-week Covered Period, you can receive Forgiveness for no more than $46,154 per employee.
- For an owner-employee, self-employed individual, or general partner using the 8-week Covered Period, eligible compensation is capped at $15,385 per individual or the 8-week equivalent of their applicable compensation in 2019, whichever is lower. If using the 24-week Covered Period, eligible compensation is capped at $20,833 per individual or the 2.5-month equivalent of their applicable compensation in 2019, whichever is lower.
Owner compensation limits are the same for Forms 3508S, 3508EZ and the full 3508.
According to the SBA’s Instructions for PPP Schedule A, the following payroll costs are eligible for Forgiveness if incurred during the Covered or Alternative Payroll Covered Periods:
- Employer contributions for employee health insurance, including employer contributions to a self-insured, employer-sponsored group health plans
- Employer contributions to employee retirement plans, including pension plans
- Employer state and local taxes assessed on employee compensation (e.g., state unemployment insurance tax)
The following are not eligible for Forgiveness:
- Employee contributions -- either pre-tax or after-tax -- to health insurance and/or retirement plans
- Employer contributions made on behalf of a self-employed individual, general partners, or owner-employees of an S-corporation, because such payments are already included in their compensation
- Any taxes withheld from employee earnings
The SBA states the below categories are eligible if service began before February 15, 2020:
- phone
- internet
- gas
- water
- electricity
- transportation
Please visit SBA.gov or Treasury.gov for any updates.
No. However, mortgage interest payments do qualify as a non-payroll cost.
Yes – if the borrow does not own the property, they need to submit a rent or lease agreement.
No.
Yes, so long as at least 60% of the funds requested for Forgiveness are used for eligible payroll costs and no more than up to 40% of funds requested for Forgiveness are used for eligible non-payroll costs.
- Business mortgage interest payments: Copy of lender amortization schedule and receipts or cancelled checks verifying eligible payments from the Covered Period; or lender account statements from February 2020 and the months of the Covered Period through one month after the end of the Covered Period verifying interest amounts and eligible payments.
- Business rent or lease payments: Copy of current lease agreement and receipts or cancelled checks verifying eligible payments from the Covered Period; or lessor account statements from February 2020 and from the Covered Period through one month after the end of the Covered Period verifying eligible payments.
- Business utility payments: Copy of invoices from February 2020 and those paid during the Covered Period and receipts, cancelled checks, or account statements verifying those eligible payments.
You should submit all documents showing you’ve met FTE, payroll and/or non-payroll guidelines for the full amount that you’re requesting Forgiveness. This means you may need to submit documents for multiple reporting periods. For example, to show payroll costs across multiple quarters, you may need to submit 2 or 3 quarterly filings of IRS Form 941s, state quarterly business and individual employee wage reports, or unemployment insurance tax filings.
No.
If the documents you submit to support your Forgiveness request include your DBA or Tradename, you must submit additional documents to show the connection between that name and the legal name of your business.
Yes, you must upload them with your supporting documents.
No. You must request Forgiveness through the JPMorgan Chase online portal.
Yes. There is no prepayment penalty.
The new relief legislation – passed in December -- may reduce your Paycheck Protection Program (PPP) loan balance by the amount of your Economic Injury Disaster Loan (EIDL) Advance.
We are waiting on details from the Small Business Administration (SBA) that we’ll share with you in the coming weeks.
You should continue to make scheduled payments on your PPP loan.
Yes, you can request Forgiveness and two major factors set by the SBA will be 1) changes of compensation during your Covered Period and 2) Average FTE during your Covered Period divided by Average FTE during your chosen reference period.
If you have a PPP loan of $50,000 or less, you may be eligible to use Form 3508S. This allows you to make fewer calculations and be exempt from reductions in loan Forgiveness amounts based on reductions in Full-time Equivalent (FTE) employees or salary or hourly wages. However, if you and your affiliates have PPP loans totaling $2 million or more, you can’t use the new form. We will let you know when we are ready to begin accepting requests with Form 3508S, likely early in the new year. In the meantime, please refer to the SBA’s new Form 3508S on SBA.gov.
Documents may include payroll tax filings reported, or that will be reported, to the IRS (typically, Form 941) and state quarterly business and individual employee wage reporting and unemployment insurance tax filings reported, or that will be reported. Documents submitted may cover periods longer than the specific time period.
The selected time period must be the same time period selected for purposes of completing PPP Schedule A, line 11.
- The average number of FTE employees on payroll per week you employed between February 15, 2019 and June 30, 2019;
- The average number of FTE employees on payroll per week you employed between January 1, 2020 and February 29, 2020; or
- In the case of a seasonal employer, the average number of FTE employees on payroll per week you employed between February 15, 2019 and June 30, 2019; between January 1, 2020 and February 29, 2020; or any consecutive 12-week period between May 1, 2019 and September 15, 2019.
If you are using either the full Form 3508 or 3508EZ, your loan Forgiveness amount may be reduced if your average weekly FTE employees during the Covered Period or Alternative Payroll Covered Period was less than during your chosen reference period and doesn’t meet Full-time Equivalency (FTE) Reduction Safe Harbor rules.
If you are using Form 3508S, you are exempt from any reductions in your loan Forgiveness amount based on reductions in full-time equivalent (FTE) employees or in salaries or wages.
- If you are using either the full Form 3508 or 3058EZ, the FTE Reduction Exceptions may apply to you if: Any positions for which you made a good-faith, written offer to rehire an individual who was an employee on February 15, 2020 and you were unable to hire similarly qualified employees for unfilled positions on or before December 31, 2020;
- Any positions for which you made a good-faith, written offer to restore any reduction in hours, at the same salary or wages, during the Covered Period or the Alternative Covered Period and the employee rejected the offer, and
- Any employees who during the Covered Period or the Alternative Payroll Covered Period
- Were fired for cause
- Voluntarily resigned,
- Voluntarily requested and received a reduction of their hours. In all of these cases, include these FTEs on this line only if the position was not filled by a new employee.
If you are using Form 3508S, you are exempt from any reductions in your loan Forgiveness amount based on reductions in full-time equivalent (FTE) employees or in salaries or wages.
If using the full Form 3508 or 3508EZ, the rules may apply if you meet either Safe Harbor 1 or 2:
FTE Reduction Safe Harbor 1: In good faith, you are able to document that you were unable to operate between February 15, 2020, and the end of the Covered Period at the same level of business activity as before February 15, 2020, due to compliance with requirements established or guidance issued between March 1, 2020 and December 31, 2020, by the Secretary of Health and Human Services, the Director of the Centers for Disease Control and Prevention, or the Occupational Safety and Health Administration, related to the maintenance of standards for sanitation, social distancing, or any other worker or customer safety requirement related to COVID-19.
FTE Reduction Safe Harbor 2:
- You reduced your FTE employee levels in the period beginning February 15, 2020, and ending April 26, 2020; AND
- You then restored your FTE employee levels by not later than December 31, 2020 to your FTE employee levels in the pay period that included February 15, 2020.
If you added to your FTE employment levels and maintained similar salary and wage levels, it should not affect your ability to request Forgiveness.
It depends on whether your transaction or series of transactions will constitute a “change of ownership.”
A “change of ownership” will be considered to have occurred if:
(1) at least 20 percent of the common stock or other ownership interest of a PPP borrower (including a publicly traded entity) is sold or otherwise transferred, whether in one or more transactions (in aggregate since the date of loan origination), including to an affiliate or an existing owner of the entity
(2) a PPP borrower sells or otherwise transfers at least 50 percent of its assets (measured by fair market value), whether in one or more transactions, or
(3) a PPP borrower is merged with or into another entity.
No “change of ownership” = No approval required. If your transaction or series of transactions will not result in a “change of ownership” as described above, then neither JPMorgan Chase nor SBA approval is required.
A “change of ownership” = Approval required. If your transaction or series of transactions will result in a “change of ownership” as described above, JPMorgan Chase or SBA approval is required as follows:
- If the change in ownership is comprised of the sale or other transfer of 20-50% of the common stock or other ownership interest of the PPP borrower (and the PPP borrower will not be merged with or into another entity), then Chase approval is required (but establishment of a funded escrow and prior submission of Forgiveness application will not typically be required).
- If the change in ownership is comprised of (a) the sale or other transfer of more than 50% of the common stock or other ownership of the PPP borrower, (b) the sale of 50% or more of the PPP borrower’s assets (measured by fair market value), or (c) the merger of the PPP borrower with or into another entity, then either JPMorgan Chase or SBA approval is required.
- JPMorgan Chase Approval: As a condition to obtaining JPMorgan Chase approval (in accordance with SBA requirements) you will be required to, among other things, (i) establish and fund an escrow account at JPMorgan Chase in an amount equal to the outstanding loan balance (including interest) and (ii) immediately apply for Forgiveness.
- SBA Approval: In lieu of obtaining JPMorgan Chase approval, you may request approval from the SBA. The SBA may take up to 60 days to review such request and the request could be denied. The approval request must include a reason why the PPP borrower cannot repay the loan or establish a funded escrow account (as described above) prior to the change of ownership. SBA may impose additional requirements.
- You can avoid the need for JPMorgan Chase or SBA approval altogether if you are able to reduce your PPP loan balance to $0 (by obtaining Forgiveness and/or repaying their loan) prior to the change of ownership.
No, you may be required to take additional steps such as establishing an escrow account.
If an escrow account is required, it must be established with JPMorgan Chase.
Please contact your banker if you’d like to process the change of ownership, and we’ll assist you with an escrow account.
It will vary, depending on factors such as whether an escrow account is required.
We’ll allow only one authorized representative of a company listed on the account to request Forgiveness. It does not have to be the same person who applied for the loan.
Once a representative starts a Forgiveness request online, they will be the only one who can edit, sign and submit the request, and receive status notifications.
No. Businesses that received a PPP loan need to request Forgiveness through the bank that processed their loan.
We continue to invite all customers with a PPP loan to request Forgiveness, generally starting with those who received funding first and who are ready to submit using SBA Form 3508EZ or 3508.
We expect to start processing the simpler SBA Form 3508S online early in the new year. So you may choose to wait for that or proceed with either Form 3508EZ or 3508, depending on your situation. In either case, we recommend completing the Forgiveness checklist now.
Please remember you have plenty of time to request Forgiveness.
- If you request Forgiveness within 10 months after the end of your Covered Period, you don’t have to make a payment until the SBA makes a decision and remits a payment, if any.
- If you don’t request Forgiveness within 10 months after the end of the Covered Period, you will need to start making payments.
Interest began to accrue the day you received your PPP funds. If the SBA forgives any part of your loan, it will forgive the associated accrued interest, too. You need to start making payments after your deferral period ends -- 10 months after your chosen 8-week or 24-week Covered Period -- or when the SBA makes a decision and remits a payment, if any.
You have until your current loan maturity date to request Forgiveness, but your payments will begin after you deferral period ends.
Yes, however, please consult your counsel or advisors for implications of doing so.
We will pre-fill your standard business information, as well as:
- SBA PPP Loan Number
- JPMorgan Chase PPP Loan Number
- PPP Loan Disbursement Date
You must submit answers from PPP Loan Forgiveness Calculation Form and PPP Schedule A. The Schedule A Worksheet will help you complete the PPP Schedule A. To view these documents, click here > Latest Updates > “Document your eligible payroll and non-payroll costs”.
You can use Form 3508S if you meet these two criteria below:
- Received a PPP loan of $50,000 or less, AND
- Together with your affiliates, didn’t receive PPP loans totaling $2 million or more.
We expect to start processing the simpler SBA Form 3508S online early in the new year. So you may choose to wait for that or proceed with either Form 3508EZ or 3508, depending on your situation when you receive the invitation email.
You may be able to use Form 3508EZ if you:
- Are self-employed and have no employees; or
- Did not reduce the salaries or wages of your employees by more than 25%, and did not reduce the number or hours of your employees; or
- Experienced reductions in business activity as a result of health directives related to COVID-19, and did not reduce the salaries or wages of your employees by more than 25%.
Otherwise, you may have to use Form 3508.
No, you will be able to request Forgiveness up until your loan maturity date, according to SBA guidance. The SBA indicated it plans to update the October 31, 2020 expiration date on the forms.
You must submit eligible payroll and non-payroll costs on the SBA Form 3508EZ. You may choose to submit the PPP Borrower Demographic Information Form.
Yes, regardless of which Form you use. You’ll need to fill out tables 1 and 2 of the worksheet to help calculate your payroll costs, but you should not upload the worksheet.
The SBA has shared the following guidance on what Payroll documents will be needed to verify the eligible cash compensation and non-cash benefit payments from the Covered Period or the Alternative Payroll Covered Period consisting of each of the following:
- Bank account or third-party payroll service provider reports documenting the amount of cash compensation paid to employees.
- Tax forms (or equivalent third-party payroll service provider reports) for the periods that overlap with the Covered Period or the Alternative Payroll Covered Period:
- Payroll tax filings reported, or that will be reported, to the IRS (typically, Form 941); and
- State quarterly business and individual employee wage reporting and unemployment insurance tax filings reported, or that will be reported, to the relevant state.
Payment receipts, cancelled checks, or account statements documenting the amount of any employer contributions to employee health insurance and retirement plans that you included in the Forgiveness amount.
- All PPP borrowers, individually or together with their affiliates, that received PPP loans with an original principal amount of $2 million or greater.
- Some PPP borrowers with loan amounts of less than $2 million, when required by the SBA.
We will email you if the SBA issues a request to complete the Loan Necessity Questionnaire and/or Notice of Review for your PPP loan. You must return all requested information to us within 10 business days.
See FAQ 53 for more information. You may want to contact your accountant, attorney or other trusted advisors to assist in completion.
We'll send you an email when we've sent your request to the SBA and when the SBA has made a decision. After you submit a complete request to us, it may take up to 60 days to review. Then we will send your request to the SBA, which may take up to an additional 90 days to review and authorize. Actual times will vary.
You may be forgiven for all, some or none of your loan. You must repay the principal and interest amount of the unforgiven portion of your loan.
For loans made before June 5, the maturity is two years. For loans funded on or after June 5, the maturity is five years.
Yes. You will have the opportunity to extend your current 2-year loan term to 5 years if:
- the Small Business Administration (SBA) has made a decision on your Loan Forgiveness request and
- you have an outstanding balance
Once that happens, you’ll receive an email from JPMorgan Chase via DocuSign to electronically sign a new note.
The SBA, in its discretion, may undertake a review at any time including after Forgiveness has been approved. A borrower must retain PPP documentation for six years after the date the loan is forgiven or repaid in full.
Yes, as long as the SBA’s detailed appeal process – which was posted on August 11 -- is followed. For details, visit Treasury.gov under Program Rules -- Interim Final Rule on Appeals of SBA Loan Review Decisions (8.11.2020).
LAST UPDATED JANUARY 15, 2021
COVID-19 Emergency Rental Assistance
The Emergency Rental Assistance appropriates $25 billion through the Treasury to states, US Territories, tribes, and large cities (“grantees”) to provide financial assistance and housing stability services to eligible rental households.
The Emergency Rental Assistance appropriates $25 billion through the Treasury to states, US Territories, tribes, and large cities (“grantees”) to provide financial assistance and housing stability services to eligible rental households.
The National Low Income Housing Coalition created a guide that contains state and city resources for COVID-19 pandemic hardship rental housing assistance. This resource may be helpful should your tenants need to seek assistance. In referencing the National Low Income Housing Coalition guide, understand that we do not provide any assurance regarding eligibility. Information contained in the guide is subject to change, so you should check back regularly for updates. Other resources may be available.
The information in this content is not advice on legal, tax, investment, accounting, regulatory or other matters. You should consult your own financial, legal, tax, accounting, or similar advisors. Further, additional resources may exist. Nothing contained herein shall change or modify the provisions of your loan with JPMorgan Chase or any other financial product and service you may have.
- Eligible Households: To be eligible, a household must be obligated to pay rent on a residential dwelling and (i) have one or more household members who qualify for unemployment benefits or experienced financial hardship due to the pandemic, (ii) have one or more household members who can demonstrate a risk of experiencing homelessness or housing instability (e.g., past due utility/rent notice or eviction notice), and (iii) the household’s income is not more than 80% of the area median income (p. 2278-79). Landlords and property owners may apply on behalf of their tenants but must notify the tenant and obtain their consent (p. 2270-71).
- Prioritization of Emergency Rental Assistance: Grantees must prioritize eligible applicant households with (i) household incomes of 50% or less of the area median income and/or (ii) one or more household members who have been unemployed for 90 days or more (p. 2267-68)
- Use of Emergency Rental Assistance Funds: 90% of funds received by the grantees must be used to provide financial assistance to eligible households (e.g., payment of rent, rental arears, utilities/home energy costs, and other housing related expenses incurred due to COVID-19) (p. 2264). Assistance shall be provided for a maximum of 12 months, except that a grantee may provide assistance for an additional 3 months of prospective rent if necessary, to ensure housing stability (subject to availability of funds) (p. 2264) The remaining 10% may be used for housing stability services, including case management, (p. 2267) or administrative costs (e.g., data collection and reporting requirements) (p. 2268). Unused funds will be recaptured by the Treasury on September 30, 2021 to be reallocated among other grantees. Funds remain available through December 31, 2021 (p. 2270).
- Eviction Moratorium: (Sec. 502) extends the CDC eviction moratorium until January 31, 2021 (p. 2281).
LAST UPDATED DECEMBER 3, 2020
Main Street Lending Program
JPMorgan Chase is a registered eligible lender for the Main Street Lending Program. The FRB will cease accepting MSLP loan submissions on December 14, 2020, prior to the program end date on December 31, 2020. For the latest information, including term sheets and FAQs, please visit the Federal Reserve MSLP homepage or the Federal Reserve Bank of Boston MSLP homepage.
Last night (5/27/20), the Federal Reserve released legal documentation and revised FAQs for the Main Street Lending Program (MSLP). A launch date for the MSLP lending facilities has not yet been specified. Real time updates on the latest MSLP information can be found on the external Federal Reserve MSLP homepage and Federal Reserve Bank of Boston MSLP homepage.
On Thursday, April 30, the Federal Reserve released revised guidance for the Main Street Lending Program. This guidance includes revised term sheets for three separate loan facilities and FAQs. A start date for the program will be announced soon. Additional information regarding the Main Street Lending program will be posted on the Federal Reserve site as it becomes available.
On Thursday, April 9, the Federal Reserve released additional information regarding actions it’s taking to support the economy. This update includes details on the $600 bn Main Street Lending Program (MSLP), a CARES Act program that will provide funds to eligible businesses affected by COVID-19. See the announcement.
July 15, 2020
JPMorgan Chase is now a registered eligible lender for the Main Street Lending Program. For the latest information, including term sheets and FAQs, please visit the Federal Reserve MSLP homepage or the Federal Reserve Bank of Boston MSLP homepage.
November 23, 2020
JPMorgan Chase is a registered eligible lender for the Main Street Lending Program, which is currently active until December 31, 2020. For the latest information, including term sheets and FAQs, please visit the Federal Reserve MSLP homepage or the Federal Reserve Bank of Boston MSLP homepage..
LAST UPDATED APRIL 16, 2020
Coronavirus Aid, Relief & Economic Security Act
The CARES Act was signed into law on March 27, 2020 providing $2.2 trillion in emergency assistance for individuals and businesses affected by COVID-19.

Existing Commercial Banking Clients Please Contact Your Banker
Commitment to Communities
We know that managing the global impact of COVID-19 is about more than helping you manage your balance sheet. We’re also doing our part to help communities recover in the face of uncertainty. That’s why JPMorgan Chase has committed $50 million to address immediate public health and long-term economic challenges from the COVID-19 global pandemic.
Our initial $15 million commitment includes:
to provide immediate healthcare, food and other humanitarian reief globally
to existing nonprofit partners around the world that are responding to the COVID-19 crisis in their comunities
to assist small businesses vulnerable to significant economic hardships inthe U.S., China and Europe
Business Resiliency and Fraud Protection Insights
Keep your business running with tips and best practices.
Market and Economic Update Insights
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Get in Touch and Stay Informed
To route you appropriately, if your business has revenues of $20 million or above, please submit contact information in the fields below. For smaller businesses, please visit chase.com/PPP. |
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