COVID-19 SBA Paycheck Protection Program

Update as of May 28

The SBA recently released an Interim Final Rule (IFR) on forgiveness, which you can review here. We expect additional guidance to come from the SBA soon. Click here for more detailed information on the IFR and next steps.

Update as of May 18

The SBA recently released the application for forgiveness to help you get familiar with the requirements, but the SBA has not yet released instructions or final guidance to lenders. Until that guidance is received, we cannot accept forgiveness applications. When we have received additional information from the SBA, you will receive an email from us with a link to the forgiveness application process. Please do not submit the Loan Forgiveness Application at this time. We will have a formal and electronic process in place at a later date. Please consult with your accountant or legal counsel for advice on forgiveness. 

Update as of April 27

With the second round of PPP funding approved, Enterprise is in the process of submitting the many applications we have in our queue. We have been working around the clock to process applications since the first round of funding was depleted. As a reminder, applying more than once will slow down your application process. 

Be sure to explore government-sponsored and other programs here

Update as of April 16

As of April 16, government funding is depleted. We are continuing to work around the clock to process applications so if government funding is extended, we can send as many applications as possible to the SBA. If you have already applied, please do not apply again as it will slow down your application. 

Enterprise is committed to helping you navigate through this time and have additional programs and resources available. Please reach out to your Relationship or Portfolio Manager if you would like to explore additional options.

Update as of April 2

On March 27, President Trump signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which includes the Small Business Administration (SBA) Paycheck Protection Program (PPP). This almost $349 billion program is intended to provide relief for small businesses and their employees who are adversely affected by COVID-19.

As a preferred 7(a) lender, Enterprise will provide funding for this program. We know the demand will be very high, and we are committed to making our process as simple and efficient as possible. 

Enterprise is committed to helping you navigate the COVID-19 loan relief programs. We will continue to update this page as additional information becomes available.