SBA | Paycheck Protection Program

Paycheck Protection Program1

As part of the CARES Act, the Paycheck Protection Program (PPP) provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on business mortgages, rent, and utilities.

Who Qualifies

Small and medium-sized businesses with 500 or fewer employees, including sole proprietors, self-employed individuals and independent contractors. Tribal business concerns meeting the SBA’s published guidelines, as well as 501(c)(3) non-profits and 501(c)(19) veteran’s organizations also qualify. Businesses with more than 500 employees are also eligible in certain industries, including hotel and food service. (For more information, click here.)

How much can I borrow for the PPP loan?  

Business loans can be up to 2.5X your average monthly payroll. Please note, 75% of the loan proceeds have to be used for payroll expenses in order to be considered for forgiveness. Total loan not to exceed $10 million.

Loans will have a fixed 1.0% rate for all businesses, with no payments for the first 6 months and a 2-year term.

How to Apply

Valley First is proud to have recently been approved as an SBA lender in order to offer PPP loans to the Central Valley.

As you may have heard, the federal government approved additional funding for PPP as of April 22, 2020.  As a result, we expect to receive a significant volume of applications.  We want to iterate how the process is going to work for members and set expectations for this next phase.

Due to the volume expected, we will only be accepting applications online. 

Before applying online, please download our Applicant Checklist here.

Due to the specialized nature of PPP Loans our Branch and Call Center employees are unable to assist you – including checking the status of your application. We have deployed a specialized lending team to solely focus on these applications.

You may apply online by clicking here.


1SBA loans are subject to SBA eligibility guidelines and availability of funds under the SBA program. Funds are limited. Information related to the SBA PPP loan may change as updates are provided by the Federal government. Financing maximums and terms are determined by borrower qualifications and use of funds. Valley First is not responsible for errors or omissions by Applicant in completing the application. Valley First does not have control over the time or order in which SBA will review loan applications.  Valley First is not responsible for delays in processing resulting from high volumes of applications or the submission of applications that do not include required documentation. Please redact or do not include personal identifiers, such as names and social security numbers or tax identification numbers of employees, if you send information by email. Valley First and its representatives do not provide tax advice. Consult an advisor regarding a particular financial situation. Payroll costs include: salary, wages, commissions, tips, employee benefits, state and local taxes assessed on compensation, and for sole proprietor/independent contractor this includes wages, commissions, income, or net earnings from self-employment. APR = Annual Percentage Rate. Interest accrues from date of loan disbursement. Membership eligibility requirements apply. Membership requires a Business Share Account opened with an initial $25.00 deposit plus a $5.00 one-time membership fee, for a total of $30.00. New Accounts subject to ChexSystems.