SBA Paycheck Protection Program Loans

When business is anything but usual

Please note – OnDeck is no longer accepting new applications for SBA PPP loans.

A government-backed loan with the support you expect from OnDeck 

Whether you’re a small business owner with employees, a sole proprietor, self-employed, or an independent contractor, if your business has been affected by coronavirus, the SBA PPP loan may be for you. If you received a PPP loan through OnDeck or another lender, here is some useful information on how you could benefit from this program.

Loan Amount

Get up to 2.5x your average monthly payroll cost, for a maximum of $2 million. Check out our guide on how to calculate your PPP loan amount, broken down by business type.

Term Length

At least 5 years, though loans are eligible for partial or full forgiveness if your business meets certain criteria. For PPP loans made prior to June 5, 2020, the term length is 24 months.

Rate & Fees

1% fixed interest rate, and no additional fees of any kind, including no origination fees or prepayment penalties.


PPP loan payments are deferred until after you have applied for forgiveness and your forgiveness amount is approved by the SBA, but interest will continue to accrue during this time. Your payment deferral period may vary if you elect not to apply to loan forgiveness.

Loan Forgiveness

You can be eligible for up to 100% forgiveness if you use the entire loan for allowable costs, use at least 60% of the loan to cover payroll costs, and you maintain your number of employees and compensation levels.* Check out our detailed guide to learn more about PPP Loan forgiveness.

Use of Funds

You can use a PPP loan for: payroll costs (including benefits), rent payments, utility payments, interest on mortgages and interest on debt obligations incurred before 2/15/2020.


*What is the Loan Forgiveness program, and how does it work?
The amount eligible for forgiveness is equal to the amount spent on permissible uses of funds during a 24-week period beginning on the origination date of the loan (or the amount spent on permissible uses by December 31, 2020, if earlier). Please note, if you received a PPP loan prior to June 5, 2020, you may elect an 8-week forgiveness period or opt for the new extended forgiveness period, as described earlier. Current guidance is that at least 60% of the funds must have been used to cover payroll expenses to be eligible for forgiveness. The amount eligible to be forgiven will be reduced if the business does not maintain full-time employee headcount or there is a reduction in employee wages of more than 25%. Reductions to the forgiveness amount may be avoided if the business rehires employees and reinstates wages by December 31, 2020, and in certain other circumstances.

Does this loan require any collateral or personal guarantees?
Paycheck Protection Program loans are backed by a federal loan guarantee. There is no collateral or personal guarantee required.

What counts as payroll costs? I work by myself and pay contractors. Do I still have payroll?
Payroll costs include compensation and employee benefits, such as health insurance, retirement benefits, parental and sick leave, and vacation. If you are a sole proprietor or independent contractor, payroll costs include compensation or net earnings from self-employment. Costs per employee are capped at $100,000 on an annualized basis. For more details on payroll costs, review this excellent guide from the U.S. Chamber of Commerce.

I need funds beyond just covering payroll expenses. Are there other financing options available to me?  
Yes. Visit our resource hub to learn more about other government assistance programs for small businesses. You may be eligible for a loan or grant from your local or state government, or an SBA Economic Injury Disaster Loan.