Financial Guidance for Small Businesses

PPP UPDATE: The SBA’s Paycheck Protection Program (PPP) is currently accepting applications. Due to the SBA's limited funding, we cannot guarantee the money will be available to fund your loan. Loans are processed and funded on a first come first served basis until the SBA funding pool is expired. 

Northwest Federal is here to assist our small business members access federal resources and navigate through your emergency preparedness plans as described in the CDC’s Guidance for Businesses and Employers. Through the Corona Aid, Relief and Economic Security (CARES) Act, the Small Business Administration (SBA) has been providing additional financial assistance for your business.

NEW Loan Option Now Available - Main Street Loan Program

Northwest is pleased to announce that we are participating in the Main Street Lending Program. The Federal Reserve established the Main Street Lending Program to support lending to small and medium-sized businesses that were in sound financial condition before the onset of the COVID-19 pandemic.

We are here to support Businesses located in Washington, DC Metro area. If you are interested in more information, or would like to apply for funding, please contact us at or visit the Federal Reserve's Main Street Lending webpage.

Loan Forgiveness

Guidance has also been provided to address the qualifications for loan forgiveness. Please refer to this Paycheck Protection Loan Forgiveness Requirements Guide for detailed information.

  • Funds can be used for a period of up to 24 weeks, not to exceed 12/31/2020
  • Only 60% needs to be used for payroll, down from 75%.  The remaining portion still needs to be used for: Rent on Business Building, Mortgage Interest on Business Building and Business Utilities
  • Any unused portion will be converted to a loan of at least 5 years, extended from 2 years

Due to the high volume of inquiries and SBA guidelines stating financial institutions are not permitted to assist in completing loan forgiveness applications, we ask that you please refer to the complete and detailed instructions that are included with the application.

SBA may provide further guidance, if needed, through SBA notices that will be posted on SBA’s website at

Questions on the Paycheck Protection Program may be directed to the Lender Relations Specialist in the local SBA Field Office.

Please send all documentation for forgiveness to

Paycheck Protection Program (PPP)

The PPP as outlined on allows small businesses* with less than 500 employees a loan up to $10 million for payroll and certain other expenses.

  • Loans can be for up to two months of your average monthly payroll costs from the last year plus an additional 25% of that amount. That amount is subject to a $10 million cap. If you are a seasonal or new business, you will use different applicable time periods for your calculation. Payroll costs will be capped at $100,000 annualized for each employee.
  • The loan amount has a maturity date of 2 years and an interest rate of 1.00% APR**.
  • Loan payments will be deferred for 6 months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.
  • If the Business maintains their workforce, the SBA will forgive the loan proceeds that are used to cover the first 8 weeks of payroll.
    • The SBA will fully forgive the loan if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll.)
    • Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.

Documentation Needed to Apply for PPP

We are committed to updating you as we learn more from the SBA. To help prepare for the application, we recommend that business owners begin to gather the following information and documents: 

  • 2019 IRS quarterly 940, 941 or 944 payroll tax reports
  • Last 12 months of Payroll Reports (e.g. gross wages for each employee, paid time off for each employee, vacation pay for each employee) 
  • 2019 1099s for independent contractors that would otherwise be an employee of your business 
  • Documentation showing total health insurance premiums paid by the Company Owner under a group health plan 
  • Document the sum of all retirement plan funding paid by the Company Owner (do not include funding that came from employee's paycheck deferrals)
  • Organization documents to include: Articles of Incorporation, Operating Agreement

How to Apply

To begin preparing your application, download the Paycheck Protection Program Loan Application and submit the completed form to

The PPP will be available through June 30, 2020. If you have any questions, please contact our Commercial Lending Team:

Angela Ruiz, 703-709-8900 x4728

Jeffery Satterly, 703-709-8900 x4153

Morris Zamora, 703-709-8900 x4159

Expected Timeline for Application Process

Once the application has been submitted to the SBA, we will not have an update on its status with the SBA until we have a funding decision. We currently expect that turnaround time to be two to three weeks from the date the application is submitted. We understand the urgency of this situation, but in order to focus on processing your loan, we ask that you do not call for a status update. Once we have a funding decision, we will contact you immediately.

Economic Injury Disaster Loans and Loan Advances

  • Small Business owners in all 50 states, Washington, D.C. and all U.S. territories are eligible to apply for a loan advance up to $10,000.
  • The Economic Injury Disaster Loan allows small businesses to apply for working capital loans up to $2 million to help overcome temporary loss of revenue. These funds will be made available within three days of a successful application and will not have to be repaid.

Click here to apply with the SBA for a COVID-19 Economic Injury Disaster Loan.


*Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.

**APR=Annual Percentage Rate. APR is effective as of 4/3/2020 and subject to change at any time.