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Paycheck Protection Program

The Indy Chamber is offering PPP loans through a partnership between Business Ownership Initiative and Bankable

First Time Applying?

The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on payroll. First Draw PPP Loans can be used to help fund payroll costs, including benefits, and may also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations. SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses.

If applying through the Indy Chamber, loans are capped at $75,000 and are only available for for-profit businesses located in Marion County that were operating before February 15, 2020. The SBA's minimum is $1,000.

  • PPP loans have an interest rate of 1%.

  • Loans issued prior to June 5 have a maturity of two years. Loans issued after June 5 have a maturity of five years.

  • Loan payments will be deferred for borrowers who apply for loan forgiveness until SBA remits the borrower's loan forgiveness amount to the lender. If a borrower does not apply for loan forgiveness, payments are deferred 10 months after the end of the covered period for the borrower’s loan forgiveness (either 8 weeks or 24 weeks).

  • No collateral or personal guarantees are required.

ARE YOU ELIGIBLE? Click here to learn more about eligibility. 

(Source: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program/first-draw-ppp-loans) 

Second Draw PPP Loans

FOR BUSINESSES WHO RECEIVED THEIR PPP LOAN THROUGH ANOTHER LENDER: Small businesses are highly encouraged to apply for their Second Draw PPP Loans through their First Draw Lender, since the application process will be faster and requires less documentation. However, should that option not be available to a business, the Indy Chamber is available to provide Second Draw PPP Loans. On the application process listed below, you can skip to Step 3. You will not need to provide any documentation yet.

FOR BUSINESSES WHO RECEIVED THEIR PPP LOAN THROUGH THE INDY CHAMBER: If you received a First Draw PPP Loan through the Indy Chamber, please email ppp@indychamber.com for information on how to apply. 

ARE YOU ELIGIBLE? Click here to learn more about eligibility. 

THE APPLICATION PROCESS

Follow the steps below in the exact order they are listed in order to apply for a PPP loan through the Indy Chamber. 

1

STEP 1: Calculator

Complete the Indy Chamber PPP Calculator which determines the size of your loan and provides a document checklist. The calculator was updated 3.12.21. Please use this version.

2

STEP 2: SBA Application

Fill out the official SBA PPP Loan Application via our electronic signature platform, Hellosign. View our application guide to ensure it is completed correctly. Note: this document was updated 3.4.21. Please use the newest version.

3

STEP 3: Indy Chamber Application 

Complete the application process by filling out the Indy Chamber application form. You'll need to upload your finished calculator and SBA application from steps 1 and 2, plus the documentation listed on your calculator.

Questions? Consult the resources below or email PPP@indychamber.com

· READ: US Chamber Small Business Update: The Latest Stimulus Details and Changes to PPP

· READ: On the Bench: PPP Forgiveness for Sole Props and Self-Employed

· WATCH & READ: the US Chamber Jan 5 webinar Small Business Update: New Stimulus for Small Business

· READ: US Chamber of Commerce Guide to Small Business COVID-19 Emergency Loans

· REGISTER: for the next Small Business Update - January 19 at 2pm.