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The SBA’s Paycheck Protection Program

Get quick access to capital for payroll and other overhead costs

The second wave of the Paycheck Protection Program (PPP) authorized about $320 billion in forgivable loans to eligible small businesses impacted by the Coronavirus (COVID-19) pandemic.

The maximum loan amount available is $10 million, based on 2.5x average monthly payroll for 2019, with an overall cap of $100,000 per employee.

Loan terms are outlined below:

  • 1% fixed rate
  • 2-year term for the portion of the debt that is not forgiven
  • No collateral or personal guarantee required
  • All payments are deferred for 6 months

Loans may be forgiven if eligible businesses adhere to specific guidelines outlined by the Small Business Administration (SBA).

The SBA and the U.S. Treasury have released the PPP loan forgiveness application and related instructions. Once loan funds have been disbursed, we encourage borrowers to work with a CPA and/or tax advisor to pull the required information together for the application. Borrowers should not submit any paperwork to Bank of Marin until they receive confirmation from us that our online loan forgiveness application portal has been activated.

Since this is a loan program instituted by the U.S. government, you can continue to find the most up-to-date details on the U.S. Treasury and the SBA PPP websites.


      • This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private 501(c)(3) non-profit organization, 501(c)(19) veterans organization or tribal business affected by COVID-19.
      • Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries.
      • Eligibility will be determined by whether the business was in operation as of Feb 15, 2020 and had employees for whom the business paid salaries and payroll taxes, or paid independent contractors, as reported on Form 1099-MISC.
      • More details on ineligible businesses can be found in policy guidance outlined in the
        PPP Interim Final Rule.


Fraudsters will take advantage of this time to get hold of your personal information. Stay vigilant in taking steps to protect yourself from fraud. Our bankers will contact you directly with regard to this program. Please do not respond to emails or calls from unfamiliar places and persons.

Disclosures: Per the SBA Interim Final Rule, a borrower cannot apply for the PPP Program and the Economic Injury Disaster Loan at the same time. All loans are subject to other requirements and availability of funds under the SBA program. Requirements subject to change under the guidance of the SBA/Treasury. Funds are limited.