The Paycheck Protection Program can be used for


Upwise has successfully funded over $40 Million Dollars in PPP funds to help thousands of small businesses across the country, during this pandemic.   We are still accepting and funding PPP applications very quickly.  Use our expedited application process, by clicking the link below. 

We recommend applying to get your application in line, as the first round of PPP funds went very quickly and we expect this round to go just as fast!


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The benefit of working with Upwise is instant access to our SBA platform supported by its automated lending platform, secure file technology, and a state-of-the-art SBA referral system

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What is the paycheck protection program?

The Paycheck Protection Program (PPP) is a loan designed to provide direct incentive for small businesses to keep their workers on payroll.  Due to the lesser requirements for PPP loans, more people will qualify for this loan compared to previous SBA loans.

Maximum loan amount

2.5X Payroll, Rent, Utilities

loan term

Up to 5 Years

interest rate

1% Fixed APR - Forgivable


None Required



The Paycheck Protection Plan (PPP) will forgive the debt used for payroll costs, mortgage interest, rent and utility payments!

Paycheck Protection Program (PPP)

Program Overview

The Paycheck Protection Program is a loan designed to provide a way for small businesses owners to re-hire and to keep their workers on payroll, as well as have working capital to cover utility and rent related expenses.

SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.  The main purpose is to get your employees back on salary, everyone should take advantage of this!  

The Interim Final Rule for Applicable Affiliation Rules for the Paycheck Protection Program information is being posted in advance of publication in the Federal Register.  The official version will appear in the Federal Register.

The Paycheck Protection Program was extended to August 8th, 2020.

Who Can Apply

The requirements are very simple.  

  • First, your business or non-profit must have been in operation as of February 15, 2020.  
  • Second, you must be a small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by coronavirus/COVID-19.

Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries.

Small businesses in the hospitality and food industry with more than one location could also be eligible at the store and location level if the store employs less than 500 workers. This means each store location could be eligible.

How to Apply

You can apply through Upwise Capital and it’s SBA Approved & Trusted Lenders.  

The SBA will begin processing loan applications as soon as April 3, 2020.

Loan Use

PPP Loans will help small businesses, including sole proprietors, private non-profits and independent contractors to maintain their payroll and expenses.  Below is a list of what the allowable uses of the loan are: 
  • Payroll Costs: Salaries, Wages, Commissions, Cash Tip Payments (or similar compensation)
  • Mortgage:  Interest payments on your Mortgage bill (not mortgage principal)
  • Rent
  • Utilities: Electric, Gas + Heat, Cable + Internet
  • Healthcare:  Any costs that are related to continuing a groups healthcare benefits, including insurance premiums
  • Interest on any other debt related obligations sustained before February 15, 2020

Loan Details 

The Paycheck Protection Program is calculated based on 2.5 X your business’s monthly payroll costs. These payroll costs used to calculate your loan amount are listed above (Loan Use) along with additional payroll related costs like state and local taxes on your payroll, paid leave or payment for vacation, group healthcare payments, retirement payments, and allowances for separation or dismissal.  

Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.

This loan has a maturity of 5 years and an interest rate of 1%.

Loan Forgiveness

The PPP loan is eligible to be fully forgiven if the funds are used correctly

This means if the funds are used for payroll costs (listed above), interest on mortgage payments (not principal), rent, and utilities.  Due to the very high subscription, and volume SBA lenders are experiencing, at least 75% of the forgiven amount must have been used for payroll.  This means, no more than 25% of the forgiven amount can be used to other non-payroll costs.  

Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels.  Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.

To apply for loan forgiveness, a borrower must submit certified documents from a representative of the business to verify payments used for payroll (number of employees, pay rates, including IRS payroll tax filings and state income, payroll, and unemployment insurance filings) and expenses (mortgage interest, rent and utilities).

If you wish to begin preparing your application, you can click the link below to start the application or reach out to one of our funding advisors at (646) 837-5522 or email


Can you get a PPP Loan if you have Other Loans?

Yes, you can apply for many types of other loans alongside a PPP loan.  Even if you have existing loans in place, you can still apply.  You are also eligible to apply for the EIDL loan.  You can’t use the funds from a PPP loan for the same use as another loan.  If you have any questions, call your Upwise advisor today @ (646) 837-5522

Other Relief Loans Available from Upwise

EIDL Emergency Advance

The EIDL Emergency Advance allows quick funds for small businesses whose revenue decreased from COVID-19. 

SBA Express Disaster Bridge Loan (EBL)

The SBA Express Bridge Loan allows small businesses affected by coronavirus to access up to $25,000 with less paperwork. 

Economic Injury Disaster Loan (EIDL)

The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million. 

SBA 7(a)
Relief Loan

The SBA 7(a) Loan can help businesses respond to opportunities and challenges associated with COVID-19.

What does this Aid Bill mean for Small Business?

For many small business owners this relief could not come fast enough.  The SBA has never been tasked with disaster relief of this scope, so EIDL Loan guarantees will be distributed through the 7(a) loan program.  

At Upwise Capital, we have many years of experience working with trusted + approved SBA Lenders in which our funding advisors are trained to walk you through every step of the way.  We handle all the paperwork and filing on your behalf, so you can get back to the more important things, like running your business. 

We advise business owners to take advantage of ALL of the SBA Relief Programs available:  

The PPP will cover your Payroll & Overhead Expenses – and if used correctly – will be forgiven – meaning you do not have to pay it back.  This is a no brainer – Thanks U.S. Government!

The EBL can get you up to $25K to act as a bridge loan while applying and waiting for the EIDL to go through, which could take some time, considering how flooded the SBA is right now, so get your application in now – for this one. 

EIDL can get you up to $2M at the cheapest interest rate but will be the hardest to get approved for.  We expect more businesses to be approved for the EIDL Emergency Advance

The SBA 7(a) is always the gold standard of business loans and is offering a Disaster Relief Program! 

Business owners should know that they can get a traditional SBA 7(a) Loan for business growth and expansion alongside an EIDL Loan, which may have interest forgiveness in the future. 

It also appears that small businesses will be able to defer their payroll taxes until 2021 or 2022.  A separate program will provide $17 billion to pay the principal, interest, and fees on outstanding SBA loans temporarily.  There are roughly $100 Billion of these SBA Loans Outstanding. If you have an SBA Loan call your SBA lender or Upwise advisor today @ (646) 837-5522

Types of SBA Loans

Overview: The PPP is a loan designed to provide direct incentive for small businesses to keep their workers on payroll.
Forvigveness: SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
Guarantee: No collateral or personal guarantees are required.
Terms: This loan has a maturity of 2 years and an interest rate of 1%.
Who Can Apply:  Any small business with less than 500 employees per location. 
When: Enrollment starts April 3, 2020 – get your Application in now! 

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