SBA Paycheck Protection Program (PPP)

Any small business with less than 500 employees can apply for this low interest loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.

Application Process

  • See a sample form here. 한국어로 설명을 보려면 여기를 클릭하십시오.

  • Loan applications will begin on or after April 3, 2020 and will be available through June 30, 2020.

  • You can apply through any existing SBA 7(a) lender or through any participating federally insured banks or credit unions. Some financial institutions are taking applications from only current customers.

  • Hanmi Bank, Bank of America, Chase, Citi, Wells Fargo

Required Information & Documents

  • Business EIN

  • Business information - start date, mailing address

  • Owner’s information (name, title, SSN, address) for all owners with 20% or more ownership

  • Most recent IRS Form 941

  • Information for any employee receiving more than $100,000 per year

  • 2019 financial statements

2-year maturity and low interest rates.

Loan Forgiveness

  • This loan may be forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities. 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.

  • 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.