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Getting Started with a Low-Interest Loan

You may apply for a Small Business Administration guaranteed low-interest loan through the Paycheck Protection Program as part of the CARES Act. Your business's situation determines how the loan amount will be calculated. The maximum loan amount is generally the lesser of 2.5 times a business's average monthly payroll during the prior year or $10 million. We are accepting applications for the Small Business Administration's Paycheck Protection Program. To manage volumes, at this time, only Citi Small Business Banking clients may apply. Other submissions cannot be processed at this time. Please check back later for updates.

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

What can the loan be used for?

  • 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

How It Works

Apply & Receive Your Funds

Use Eligible Expenses

Start Making Payments 6 Months After Funding is Received

Apply for Loan Forgiveness

What You Need to Apply

To help make this as easy as possible, we've outlined the documents you'll need and the application process below.

Step 1

Gather records of your payroll costs. The most recent four quarters of Form 941 filings are required, or all Form 941 filings that occurred if the business started operations less than 12 months ago. If you are a sole proprietor that is an Independent Contractor, you may submit form 1099 MISC. See detailed FAQs.

Step 2

You are responsible for and will need to attest to deducting any employee salary in excess of $100,000 in your loan request.

Step 3

Click Apply Now to start your application.

Upload required documents and submit application.

Step 4

Receive your confirmation email and complete the electronic contracts sent through DocuSign®.

Ready to Apply?

Keep in mind, we are accepting applications for the Small Business Administration's Paycheck Protection Program. To manage volumes, at this time, only Citi Small Business Banking clients may apply. Other submissions cannot be processed at this time. Please check back later for updates.

Make sure you've gathered the required documents listed above. Remember, you can only accept funds from one financial institution.

For the best application experience, Google Chrome is preferred.

Apply Now

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