SBA 7A Paycheck Protection Program Quick Facts

August 10, 2021
Lorem Ipsum dolor sit amet.
Lorem Ipsum dolor sit amet.

We are not legal professionals, and cannot provide legal advice. APM Help is a group of AppFolio, Propertyware, Buildium and Property Management experts and are happy to assist in the loan application process. The government has approved a second round of PPP loans and funding on April 27th, so it's not too late to apply if you missed the first round of applications!

This blog will be updated as new information comes available.

Last updated: 4 May 2020

SBA 7A Paycheck Protection Program

  • Available to companies with 500 or less employees
  • The loan will cover payroll costs (75% of the loan), mortgage interest, rent and utilities (must have been claimed on 2019 Form 1040 Schedule C for forgiveness) for 8 weeks
  • The loan is forgivable as well as employee and compensation levels are maintained and it's only used to cover the items in the first point
  • Payroll costs are capped at $100,000 per employee
  • Small businesses can apply starting on April 3, 2020
  • Independent contractors and self-employed individuals can apply starting on April 10, 2020
  • You can apply through June 30,2020, but there is a funding cap so be sure to apply as soon as possible
  • Loans have a 1.00% interest rate and the loan balance must be paid within 2 years

What can you use the loan for?

  • Payroll costs, including benefits (previous 12 months or 2019 calendar year)
  • Interest on mortgage balance incurred before February 15, 2020
  • Rent amounts agreed on leases signed before February 15, 2020
  • Utilities for services that began before February 15, 2020

What do you need to apply?

  • Complete the Paycheck Protection Program loan application (found here)
  • Submit the application and other required documents (varies based on the lender requirements)

Where can you apply?

  • Any existing SBA Lender (find your local lender here)
  • Any federally insured depository institution
  • A federally insured credit union
  • A Farm Credit System institution
  • Other lenders not listed above will be able to make a loan once they are approved and enrolled in this program

Does the PPP loan cover sick days?

Yes, it covers payroll costs including paid vacation, parental, family, medical and sick leave. The employer could be entitled to a refundable tax credit for any sick time related to COVID-19. Review the specifications in this IRS article.

What documents do I need to qualify for Loan Forgiveness?

Up front, it seems pretty simple to get forgiveness on your PPP loan, but it might not be as straightforward as we originally thought. The American Institute of CPAs provided a step-by-step guide to calculating your loan forgiveness. You will need to provide the following documents to your lender after determining if you qualify for Loan Forgiveness:

Documents verifying the number of full-time equivalent employees on payroll and their pay rates, for the periods used to verify you met the staffing and pay requirements:

  • Payroll reports from your payroll provider
  • Payroll tax filings (Form 941)
  • Income, payroll, and unemployment insurance filings from your state
  • Documents verifying any retirement and health insurance contributions

Documents verifying your eligible interest, rent, and utility payments (canceled checks, payment receipts, account statements)

** requirements may vary by lender

For additional information, please visit this webpage. If you would like APM Help to assist you in the application process please call us/text us at 281-949-8755 or email

Our Services

On-Demand Consulting

On-Demand Consulting

Consulting with AppFolio, Buildium, Propertyware, & Rent Manager experts to answer any and all software related questions in less than an hour. No long-term contracts and easy to get started.

On-Demand Consulting

Trust Bookkeeping Services

Bookkeeping services provided by expert accountants for AppFolio, Buildium, Propertyware, & Rent Manager. For less than the cost of a full-time bookkeeper you can have a whole team of experts.

On-Demand Consulting

Corporate Bookkeeping

Let us take care of your corporate payables, receivables, reporting, and payroll with Quickbooks and Gusto. With us you can focus less on accounting and more on growth!

On-Demand Consulting

Daily Bank Reconciliations

Get your bank reconciliations done every single day! Keep your books accurate by making sure that everything is  accounted for. Available for AppFolio, Buildium, Propertyware, & Rent Manager.

On-Demand Consulting

Daily Audits

Curious just how clean your books are? Find out with Triple Tied Out! It's our daily auditing service that checks your bank recs, liabilities, and property balances. For AppFolio, Buildium, & Propertyware.


Why Choose APM Help


Our consultants are well-versed in the software solutions commonly used in property management. Whether you're using AppFolio, Buildium, Propertyware, or Rent Manager, we have the expertise to clean up your books and maintain their accuracy.

Scalable Solutions

As your business grows, so do your accounting needs. Our U.S.-based account managers with industry experience are dedicated to managing your books, giving you the time and confidence to focus on expansion.

Audit Support

Going through an audit can be a daunting task. We offer daily audits and audit preparation services to ensure your books are always audit-ready, providing you with peace of mind.

Back-Office Services

Beyond bookkeeping, we offer a range of back-office services to streamline your operations, including maintenance coordination, property improvement loans, and corporate bookkeeping.
Your Success, Our Priority
APM Help is not just a service provider; we are your partners in success. We understand thatproperty management demands a holistic approach, which is why we offer a suite of services tailoredto address the diverse needs of your business. Our goal is to empower property managers to excel intheir markets by providing them with clean books, efficient processes, and the time they need tofocus on building strong client relationships and achieving their growth ambitions.

Ready to work with the experts in rental property management?

We typically respond in under 10 minutes!

Get Started Today
Property Management Accounting Expert