Paycheck Protection Loan Program

Essential is committed to helping small businesses navigate the COVID-19 loan relief options. The Paycheck Protection Program (PPP), part of the new CARES stimulus package, is a federal loan program aimed at helping small businesses who have been severely impacted by COVID-19.

Essential, in partnership with the Small Business Administration (SBA), will now begin taking applications for businesses that qualify for the Paycheck Protection Program.

How the process works:

  • Ensure your business qualifies for the PPP
  • Complete an SBA Paycheck Protection Program Borrowers Application Form
    • Click here to download a pdf of the application form
  • Email the completed form to or call the Contact Center at 888.369.2207 to schedule a Branch Appointment to drop off the completed form
  • Essential’s Commercial Department will contact you regarding your application (i.e. obtain documents, validate information, etc.)
  • Once Essential and SBA have verified and approved your PPP Loan, you will receive funds within 72 hours after the loan has been finalized (Turnaround times may be delayed due to the volumes of applications received by the SBA.)

Click here to learn more about the Payment Protection Program Loan.

For more questions or information contact an Essential Commercial Loan Administrator: click here or email

If you are currently not an Essential Commercial Member, please call 888.369.2207 to schedule an appointment to open a Commercial Membership. 


In addition to the Paycheck Protection Program loan, the SBA is also offering an Economic Injury Disaster Loan (EIDL) to small business owners. You can apply for this low-interest, federal disaster loan here, directly through the SBA.

Click here for a comparison between the Payment Protection Program (PPP) and Economic Injury Disaster Loan (EIDL).

If you have received a PPP Loan, find more information about your loan and how to comply here.

Paycheck Protection Program (PPP)

  • USES: Payroll, Employee Salaries, Mortgage Interest, Rent and Utilities, Interest on debt incurred before 2.15.20
  • AMOUNT: 2.5 times your business's average monthly payroll
  • RATE: 1.00% Fixed Annual Percentage Rate
  • TERMS: No payments for first 6 months and a total 2-year term
  • FOREGIVENESS: Up to 100% with approval

Economic Injury Disaster Loan (EIDL)

  • USES: Payroll, Fixed Debts, Accounts Payable, Other expenses that can't be paid because of the disaster's impact
  • AMOUNT: Up to $2 million
  • RATE: 3.75% Annual Percentage Rate
  • TERMS: Up to 30 years
  • FORGIVENESS: Not forgivable