Before You Get Started

You’ll need to meet this criteria:

• You have an existing Chase Business checking account that’s been active since February 15, 2020.
• You’re authorized to borrow on behalf of the business.
• You haven’t already received a Paycheck Protection Program loan from Chase and you haven’t applied for one from another financial institution.
• The minimum loan amount is $1,000, and the maximum amount is determined based primarily on your payroll-related costs, but cannot exceed $10 million. This amount may be reduced based on loans to your affiliated companies. Payroll resource guide.
• You should have available the outstanding balance of any existing Economic Injury Disaster Loans (EIDL).
• Other restrictions may apply.

The loan may be eligible for forgiveness, but subject to SBA requirements

• Forgiveness is not automatic. You may request forgiveness of some or all of the principal balance of the loan. Forgiveness is only available if you use the funds for certain purposes as permitted by the SBA. If you request forgiveness, you must provide documentation, and must certify, that the loan funds were used for SBA-qualifying purposes. The amount forgiven may be subject to certain limitations and reductions in certain circumstances; for example if you have reductions in number of employees or employee compensation, and only 25% of the forgiven amount may be for non-payroll purposes. 
• The borrower will be responsible under the loan for any amounts not forgiven.
• The SBA may limit the timeframe by which you’ll need to ask for forgiveness.