Supporting Small Business When It Matters Most
As of August 9, 2020, the Small Business Administration (SBA) is not accepting Paycheck Protection Program (PPP) loan applications. Legislation authorizing the SBA to resume PPP application acceptance is pending. Please continue to check this page for further information.
We recognize the importance of a PPP loan to you and your employees, and our goal is to keep you informed every step of the way. We are providing this overview based on current information from the SBA. Find the full details and information on the PPP at sba.gov and treasury.gov/cares.
We're dedicated to helping you keep your businesses up and running.
David Chubak, Head of U.S. Retail Banking
How the CARES Act Can Help Your Small Business
The recently enacted CARES Act establishes a new Paycheck Protection Program, a federally-guaranteed, low-interest loan program intended to help small businesses keep their employees working. Small businesses, non-profits and sole proprietorships may be eligible for low-interest loans.
Your business may qualify if you:
- Have up to 500 employees (In select instances, businesses with over 500 employees may qualify. Visit our FAQ for detailed information, or go to the SBA guidelines on size standards)
- Are a restaurant or hospitality business with up to 500 employees per location
- Are a 501(c)(3) organization, a 501(c)(19) veteran organization, or a tribal business concern
- Are an independent contractor or sole proprietor
Covered expenses include:
- Payroll costs including salary/wages/commissions/tips, employee benefits, state and local taxes on compensation; for a sole proprietor/independent contractor: wages, commissions, income, or net earnings from self-employment
- Interest on mortgage obligations, incurred before February 15, 2020
- Business rent, under lease agreements in force before February 15, 2020
- Utilities, for which service began before February 15, 2020
Helpful Resources
We are working diligently to get all the details on the loan application process; we will update our site with new information as soon as it is available.
Economic Injury Disaster Loans
The Small Business Administration is offering low-interest loans for working capital to small businesses.
Learn More
Small Business Administration
Find additional guidance, assistance and resources to help your small business.
Visit SBA.gov
Citi Small Business Banking
Take advantage of Citi's full set of products and services that are tailored to the needs of small business owners.
Learn More