Paycheck Protection Program


The Paycheck Protection Program (PPP) is a part of the CARES Act passed by Congress on March 25, 2020. It prioritizes millions of Americans employed by small businesses by authorizing 100% federally guaranteed loans to be used toward job retention and other overhead expenses.

Under the PPP, small businesses, self-employed persons, independent contractors, nonprofit organizations – any business with less than 500 employees! – may qualify for loans up to $10,000,000. You’ll need to know your average payroll expenses to determine the amount you are eligible to receive. The PPP loan payments will be deferred for SIX months AND the SBA will FORGIVE the portion of the loan proceeds that are used to cover the first 8 weeks of payroll and other allowable expenses (such as payroll taxes, rent and utility payments) following origination of the loan.


Any 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 are eligible. There are exceptions to the 500-employee rule. If you would like to discuss them, please contact Betsy Lynch at 816-217-4776 or at


  1. The loan will be FULLY FORGIVEN if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). 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.
  2. 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.
  3. This loan has a maturity of 2 years and an interest rate of .5%

If you would like to discuss how much your company is eligible to be loaned, please contact Betsy Lynch at 816-217-4776 or at


If you already have a relationship with a bank, we recommend you reach out to them first. Most lenders are so inundated with these loan requests that they may not be taking on new customers at this time. The SBA has a list of approved lenders on their website. We also have lenders we recommend; Hawthorn Bank and Country Club Bank.

PLEASE NOTE the application window is from April 3, 2020 to June 30, 2020. A Sample Application can be found here.

If you would like assistance applying for a loan under the PPP, please contact Betsy Lynch at 816-217-4776 or at


Profit & Loss Statements outlining average payrolls costs, health insurance, benefits, interest on mortgage obligations or rent payments, utilities, and interest on any other debt obligations would be tremendously helpful. Recent tax filings would be beneficial. Each individual lender may require additional documentation.

Keep in mind, these documents don’t have to be fancy. If you are a sole proprietor, it could be as simple as handwritten figures on a blank sheet of paper. Make sure the document answers the following questions: How much money did you bring in? What were my expenses related to the business?

If you would like assistance applying for a loan under the PPP, please contact Betsy Lynch at 816-217-4776 or at