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One investment we’re sure of right now, is you.

Loans and other assistance now available for small businesses.

As a top-10 Small Business Administration lender,1 we’re using our expertise to help businesses quickly gain funds through the newly passed Paycheck Protection Program.

About the Paycheck Protection Program

The Paycheck Protection Program provides eligible applicants,2 including non-profits, sole proprietors, self-employed individuals and independent contractors, with loans to cover costs related to payroll costs, group health care benefits, utilities, rent, mortgage interest payments and interest on other debt incurred before Feb.15, 2020. It excludes funds for working capital, renovations, equipment and inventory purchases.

Loan Benefits

Your Paycheck Protection Program loan comes directly from KeyBank, so every step of the way you have trusted guidance from a bank you know.

  • Loans are eligible to be forgiven, in full or in part3
  • Attractive rates, payment terms and maturity
  • Streamlined process so you can get funding within days

Applications Are Being Processed

KeyBank acknowledges the unique challenges you’re facing right now as a small business owner. We have been working hard to process the thousands of loan applications we received as part of the Paycheck Protection Program because we know how important getting this much needed help is to our clients. As we had hoped, the U.S. Treasury has provided more funding under the Paycheck Protection Program. Given the overwhelming demand for the previously available PPP funds, we will first be processing previously submitted loan applications to best serve our clients.

As a top SBA lender, we are here to guide you through other relief options available to you. Please visit our coronavirus page to learn more.

Loan Forgiveness Information

On June 17, 2020, the SBA released a new form of loan forgiveness application and instructions for the application along with a new EZ version of the application for certain borrowers. The forms can be found here. You can review these forms as a reference for the type of information you will need to provide as part of our digital forgiveness portal. The new form of forgiveness application reflects revisions made from the Paycheck Protection Program Flexibility Act, which was signed into law on June 5, 2020. This legislation revised several aspects related to forgiveness.

The following borrowers are eligible to use the new EZ form

  • Borrowers who are a self-employed individual, independent contractor, or sole proprietor and had no employees at the time of the PPP loan application and did not include any employee salaries in the computation of average monthly payroll; OR
  • Borrowers that did not reduce the salaries or wages of their employees by more than 25% during the covered period compared to the period between January 1, 2020 and March 31, 2020, and did not reduce the number or hours of their employees between January 1, 2020 and the end of the covered period; OR
  • Borrowers that experienced reductions in business activity as a result of health directives related to COVID-19 and did not reduce the salaries or wages of their employees by more than 25%.

Any borrowers that do not fit in the above categories will complete the standard forgiveness application. Our digital forgiveness portal will accommodate both the EZ form and the standard form.

The standard forgiveness application consists of (1) the PPP Loan Forgiveness Calculation Form; (2) PPP Schedule A; (3) the PPP Schedule A Worksheet; and (4) an optional PPP Borrower Demographic Information Form. The EZ form of forgiveness application consists of the PPP Loan Forgiveness Calculation Form and an optional PPP Borrower Demographic Information Form. We intend to develop a process where borrowers will complete and submit a digital application for forgiveness to us. We will update you on this digital process in the coming weeks once we have more information.

To learn more, visit PPP Forgiveness.

Loan Amount Calculator

To find out the maximum amount you could qualify for from the Paycheck Protection Program, tell us your average monthly payroll cost as a decimal.4

Enter your average monthly payroll cost as a number with no commas; Decimal amounts are fine. (Ex: 25000.50 or 25000)

Resources and Frequently Asked Questions


Q: Who is eligible for this program?
A: Entities that were in business on February 15, 2020 with fewer than 500 FTEs for whom they had paid salaries and payroll taxes.

Q: Are Nonprofit organizations eligible?
A: A nonprofit organization is eligible if it is organized under Section 501(c)(3) of the Internal Revenue Code and exempt from taxation under Section 501(a) of the Internal Revenue Code.

Q: Are there any different terms for hospitality or restaurant industries?
A: Eligible applicants are applicants with 500 or fewer employees, except for applicants within the accommodation and food services sector (businesses with a NAICS code beginning with 72) that can have up to 500 employees per physical location. Note: Certain NAICS codes allow more than 500 employees. The limit is the greater of 500 or the amount of employees allowed under the NAICS code.

Q: Are Independent Contractors, Sole Proprietors, or Self-Employed individuals eligible?
A: Yes. You are also eligible for a PPP loan if you are an individual who operates under a sole proprietorship or as an independent contractor or eligible self employed individual, and you were in operation on February 15, 2020.

Q: If a client uses this program, does it preclude them from participating in other programs?
A: As it pertains to the Economic Injury Disaster Loan program, a borrower may not receive both an EIDL loan and a PPP loan for the same purposes. An EIDL loan made during the period from January 31, 2020 through March 31, 2020 may be refinanced as part of the PPP loan. After March 31, 2020, a client must choose between taking out an EIDL or a PPP, but a client cannot originate both after March 31, 2020. If a business has an outstanding EIDL loan that was made after January 31, 2020 and before March 31, 2020, the PPP loan amount will be calculated as the sum of (A) the outstanding amount of an EIDL loan that was made after January 31, 2020 and before March 31, 2020 plus (B) 2.5 x the sum of the total average monthly payroll costs incurred during the one-year period prior to the date on which the loan is made (with adjustments as necessary if the applicant is a seasonal employer).

Q: Is there anything prohibiting a client from applying with us and another bank for the PPP loan at the same time?
A: The form of application includes a certification that during the period beginning on February 15, 2020 and ending on December 31, 2020, the business has not and will not receive another loan under this program.

Calculating Loan Amount

Q: What is the maximum loan amount?
A: The maximum loan amount for the Paycheck Protection Program is $10,000,000.

Q: How is the loan amount calculated?
A: Average monthly payroll for the past twelve months times 2.5 plus any outstanding EIDL loans. For purposes of calculating average monthly payroll, most applicants will use the average monthly payroll for 2019, excluding costs over $100,000 on an annualized basis for each employee. For seasonal businesses, the applicant may elect to instead use average monthly payroll for the time period between February 15, 2019 and June 30, 2019, excluding costs over $100,000 on an annualized basis for each employee. For new businesses, average monthly payroll may be calculated using the time period from January 1, 2020 to February 29, 2020, excluding costs over $100,000 on an annualized basis for each employee.

Q: Are there limits on how much compensation I can include per employee?
A: Yes. The amount of compensation to an individual employee in excess of $100,000 must be excluded from the calculation of average monthly payroll.

Q: Can I include employees whose principal residence is outside the United States?
A: No. The average monthly payroll must be reduced for any compensation paid to employees whose principal residence is outside the United States.

Q: What qualify as payroll costs?
A: Compensation in the form of salary, wages, commissions, or similar compensation; cash tips or the equivalent (based on employer records of past tips or, in the absence of such records, a reasonable, good-faith employer estimate of such tips); payment for vacation, parental, family, medical, or sick leave; allowance for separation or dismissal; payment for the provision of employee benefits consisting of group health care coverage, including insurance premiums, and retirement; payment of state and local taxes assessed on compensation of employees; and for an independent contractor or sole proprietor, wage, commissions, income, or net earnings from self-employment or similar compensation. The following items are excluded from payroll costs:

  • Compensation of an individual employee in excess of an annual salary of $100,000, as prorated for the period February 15, 2020 to June 30, 2020.
  • Federal employment taxes imposed or withheld between February 15, 2020 and June 30, 2020, including the employee’s and employer’s share of FICA and Railroad Retirement Act taxes, and income taxes required to be withheld from employees.
  • Any compensation of an employee whose principal place of residence is outside of the United States.
  • Qualified sick and family leave wages for which a credit is allowed under sections 7001 and 7003 of the Families First Coronavirus Response Act (Public Law 116–27).
Fees, Interest, and Term of PPP Loans

Q: Will I incur any fees to originate this loan?
A: No. The lender may not charge fees for originating this loan.

Q: What is the interest rate on a PPP Loan?
A: The interest rate is 1% APY.

Q: What will be the maturity date on a PPP loan?
A: Two years.

Q: When will I have to begin paying principal and interest on my PPP loan?
A: Payments will not be made for six months following the date of disbursement. However, interest will accrue during this six-month deferment.

Use of Funds and Loan Forgiveness

Q: Can the PPP loan be forgiven in whole or in part?
A: Yes. The loan can be forgiven up to the full principal amount of the loan and any accrued interest when utilized for forgivable purposes.

Q: What are forgivable purposes (expenses eligible for forgiveness)?
A: Payroll costs for the eight weeks following the date of the loan. While funds may be used for Mortgage interest, rent, and utilities, only 25% of the loan amount may go to these purposes.

Q: Do independent contractors count as employees for purposes of PPP loan forgiveness?
A: No, independent contractors have the ability to apply for a PPP loan on their own so they do not count for purposes of a borrower’s PPP loan forgiveness.

Q: How can PPP loans be used?
A: i) Payroll costs ii) costs related to group health care benefits iii)mortgage interest payments (but not prepayments or principal payments) iv) rent payments v) utility payments vi) interest payments on debt obligations incurred before February 15, 2020 vii) refinancing an SBA EIDL loan made between January 31, 2020 and April 3, 2020.

Requirements from Borrowers

Q: What certifications need to be made?

  1. The applicant was in operation on Februrary 15, 2020 and had employees for whom it paid salaries and payroll taxes or paid independent contractors, as reported on Form(s) 1099-MISC.
  2. Current economic uncertainty makes the loan necessary to support the ongoing operations of the applicant.
  3. The funds will be used to retain workers and maintain payroll or make mortgage interest payments, lease payments, and utility payments; the applicant understands that if the funds are knowingly used for unauthorized purposes, the federal government may hold the applicant legally liable, such as for charges of fraud.
  4. Documentation verifying the number of full-time equivalent employees on payroll as well as the dollar amounts of payroll costs, covered mortgage interest payments, covered rent payments, and covered utilities for the eight week period following this loan will be provided to the lender.
  5. Loan forgiveness will be provided for the sum of documented payroll costs, covered mortgage interest payments, covered rent payments, and covered utilities. As explained above, not more than 25 percent of the forgiven amount may be for non-payroll costs.
  6. During the period beginning on February 15, 2020 and ending on December 31, 2020, the applicant has not and will not receive another loan under this program.
  7. The information provided in the application and the information provided in the supporting documents is true and accurate in all material respects.
  8. Acknowledgement that the lender will confirm the eligible loan amount using required documents submitted and that the lender can share any tax information the applicant has provided with the SBA.

Q: Are personal guarantees required?
A: No.

Critical Elements of a Successful Application

The SBA loan system requires information that is not included on the Treasury Guidance or the SBA PPP Loan Application Document. All the items below are required for loan approval and funding. Applications that contain complete information will be promptly submitted to the SBA. It is critical that you have all documents prepared before you begin the application process.

SBA Required Documents

  • Correct and complete email address and full physical address (business or home, as appropriate) for borrowing entity and all owners of 20% or more, and all owners required to comprise greater than 50% of total ownership of the borrower; non-profits or public companies may list the information of the authorized signer of the application.
  • Correct TIN (EIN or SSN, as appropriate) of the borrowing entity and all listed owners.
  • Copies of the business’s IRS Form 941 (Employer’s Quarterly Federal Tax Return) for all four quarters of 2019 (or comparable information if not filed).
  • Payroll ledger for 2019 payroll showing payroll costs by employee.
    • Payroll costs generally include: salary, wages, commission, or similar compensation; tips; vacation; parental, family, medical or sick leave; group healthcare benefits, retirement benefits; and state or local taxes on employee compensation.
    • Payroll costs do not include: the compensation of an employee in excess of $100,000 (as prorated for the covered period), taxes imposed or withheld under FICA, and any compensation of an employee whose principal place of residence is outside of the United States.
  • Payroll ledger for YTD 2020 (same information as above but shown by month).
  • With respect to documentation to support the average monthly payroll costs: Acceptable supporting documentation includes payroll processor records, payroll tax filings, Form 1099-MISC (for independent contractor applicants), or income and expenses from a sole proprietorship. If you do not have any such documentation, you must provide other supporting documentation, such as bank records, sufficient to demonstrate the average monthly payroll amount.
  • Entity origination documents (e.g., articles/certificate of incorporation and bylaws; articles of organization and operating agreement; partnership agreement and filed partnership certificate; trustee certification; or trade name certificate (DBA)). Key needs to know that the person completing the application on behalf of the entity is authorized to sign for the entity.
  • Please display the average monthly payroll calculation prominently so that our teams can easily confirm the number. The exact number displayed in the file must be inserted into the application.

Who Can I Contact with Additional Questions?

For help specific to your account, please contact your relationship manager.

For those who have general questions about the application, call Customer Service: 1-888-539-2200

Monday-Friday: 8am-9pm
Saturday & Sunday: 8:30am–5pm

Clients using a TDD/TTY device: 1-800-539-8336

Please note that you may experience longer than normal wait times due to high call volumes. We apologize for the inconvenience.


Source: U.S. Small Business Administration (SBA) 7(a) lender by dollar volume through February 2020.


Subject to program requirements. Must have 500 or fewer employees whose principal place of residence is in the United States or are a business that operates in a certain industry and meet the applicable SBA employee-based size standards for that industry. Accommodation and food services businesses may have up to 500 employees per physical location. All loans subject to credit approval. Must apply by 06/30/2020. Typical Small Business Administration requirements of credit not available elsewhere, collateral and personal guarantee requirements not applicable.


To be forgiven, funds must be used for a permissible purpose by a qualifying small business. Small business must submit a request for forgiveness to KeyBank. Amount eligible for forgiveness will equal the amount spent by the small business during the eight weeks after the origination date of the loan on payroll costs, interest payments on any mortgage incurred prior to 2/15/2020, payment of rent on any lease in force prior to 2/15/2020, and payments on any utility for which service began before 2/15/2020. Forgiveness will be reduced based on the percentage of full-time (or full-time equivalent) employees laid off or having their salary reduced by more than 25% following 02/15/2020 unless employees are rehired and returned to prior salary by 06/30/2020. Certain other limitations and conditions may apply. At least 75% of the forgiven amount must be for payroll costs. Forgiveness is provided by the Small Business Administration and not at the discretion of KeyBank. You will be obligated to repay any portion of the loan that the Small Business Administration does not forgive.


Estimate is for informational purposes only and does not constitute an offer to extend a loan of this amount.