Paycheck Protection Program Resources

The Small Business Administration (SBA) Paycheck Protection Program (PPP) provides loans of up to $2 million to help small businesses during the pandemic. Applications are open through March 31, 2021, and we encourage our business members at Elevations to review their options to apply for PPP loans during this second round.

About the Paycheck Protection Program

On Dec. 27, 2020, a COVID-19 relief bill was signed into law that updates the Paycheck Protection Program (PPP) and provides about $284 billion in additional funding for the program. Small businesses, including 501(c)6 nonprofits, will be able to apply for PPP loans of up to $2 million through March 31, 2021. To qualify, a business must:

  • Have been in operation prior to Feb. 15, 2020

  • Have fewer than 500 employees (first-time applicants) or fewer than 300 employees (second-time applicants)

  • Have experienced at least 25% revenue loss during a quarter in 2020 as compared to 2019

Small businesses may apply for this second round of funding if they received aid during the first round of PPP loans in 2020. For more details about these loans, loan forgiveness and eligibility, please visit the SBA’s website.(opens in a new window)

Man on phone in a small business

Application options.

Because of forgiveness requirements for the second round of funding, we encourage businesses to contact their initial lender if they received funding during the first round.

COLORADO ENTERPRISE FUND

For first-time and second-time borrowers.

This local, nonprofit institution is now accepting applications for the PPP program from both first-time and second-time borrowers.

Learn more

KABBAGE

For those who borrowed with Kabbage in the first round.

Kabbage will accept second-round PPP applications from businesses who received a first-round PPP loan from Kabbage in 2020.

Learn more
A diagram displaying the process for PPP loans to be forgiven

About PPP loan forgiveness.

According to the SBA, borrowers may apply for loan forgiveness after they have used all of their loan proceeds. To apply for forgiveness, borrowers should contact their lender to request an application for forgiveness.

Have questions?

Your Elevations Business Banking Relationship Manager is here to help you.