Small Business Loans

The Coronavirus Economic Recovery Package provides $350 billion to the creation of a new loan program, the Paycheck Protection Program (PPP), which will provide 100% federally guaranteed and forgivable loans (grants) to small businesses who retain their employees or restore employees who were fired after February 15. 

To apply for the Paycheck Protection Program (PPP) follow the links below: 

  • High-Level Summary of the Paycheck Protection Program: HERE  
  • *New as of 04/23* Information on Loan details and Forgiveness: HERE
  • General Information Page: HERE 
  • Information for Lenders: HERE
  • Application for Lenders: HERE 
  • Information for Borrowers: HERE 
  • Application for Borrowers: HERE  
    • Fill out the form linked and contact your existing bank, credit union or local SBA office.
    • To find the nearest lender to you, click HERE

Additional links related to the PPP: 

***Scammers are using the Small Business Administration (SBA) and Internal Revenue Service (IRS) names to con small businesses and individuals during the COVID-19 crisis. Montanans should be on the lookout for a surge of calls and email phishing attempts about the Coronavirus.

Things to note when looking for fraud:  

  • Emails from government agencies will always end in .gov.
  • Do not release any private information (social security number, date of birth, etc.) or banking information in response to an unsolicited caller, letter, email, or text.
  • There is no cost to apply for a COVID-19 Economic Injury Disaster Loan and the SBA/IRS will never ask you to provide a credit card or private information

    How do EIDL and PPP work together?

    • An applicant cannot “double-dip” and receive duplicate funds for the same losses.
    • EIDL loan proceeds may be refinanced into a PPP loan.
    • EIDL applications are open and currently available. 

    Small business may still recieve financial relief through the SBA's traditional loan programs. 

    • Small businesses can access SBA’s 7(a) loan program, which provides loans of up to $5 million to cover eligible expenses.
    • SBA’s express loan program offers qualified loans up to $350,000.
    • Through the SBA’s Community Advantage loan pilot program, mission-based lenders can assist small businesses in underserved markets with loans of up to $250,000.
    • The SBA provides export loans to help small businesses achieve sales and respond to challenges such as the coronavirus that impact trade.

      Small Business Tax Incentives:

      • Employer Payroll Tax Delay*
        • Employers can defer the 6.2 percent payroll tax due for rest of year until end of 2021, 2022.
        • Congress thinks the net cost of this provision is about $12.3 billion, although estimates of the amount of extra cash this would provide businesses are much larger (depending on unemployment, about $732 billion over the next two years).
      • Employee Retention Payroll Tax Credit*
        • Certain employers may receive a payroll tax credit of as much as $5,000 per employee for wages (and health benefits) paid after March 12, 2020, and before January 1, 2021.
        • If the credit amount exceeds the employer’s liability, the excess shall be refundable. It is estimated that the credit will provide an aggregate benefit of about $54.6 billion.
      • Technical Correction to Fix ‘Retail Glitch’
        • Businesses can fully deduct the cost of certain property improvements back to 2018.


      *Note: the payroll tax delay and employee retention payroll tax credit are not available to employers receiving assistance through the Paycheck Protection Program.