Although initial federal funding for the Payroll Protection Program (PPP) was depleted April 9, 2020, Congress is discussing another round of funding. In anticipation of that possibility, BCT has created a "waitlist" for interested businesses. Should funding occur, businesses who provide COMPLETE and necessary documentation in advance will be processed first.

**NOTE: There are no guarantees Congress will pass more PPP funding. This "waitlist" process is not a commitment by BCT to provide PPP or other funding and is only a goodwill effort to expedite the application process should funding be provided by Congress.

What is the Payroll Protection Program (PPP)?
Congress provides funding for businesses and other organizations who have been impacted by some form of disaster. There are primarily two programs funded through the Small Business Administration (SBA). The are as follows:

Paycheck Protection Program (PPP) is intended to protect businesses harmed by the COVID-19 pandemic, specifically to protect payroll expenses, salaries, mortgage interest, rent and utilities and interest on debt prior to February 15, 2020. Details for the PPP assistance are found in the chart below.
Economic Injury Disaster Loan (EIDL) program is intended for other harm to businesses that may include COVID-19 but is not limited to it. The EIDL has two options: disaster loan assistance and emergency grant assistance. Details can be found on our webpage SBA Business Assistance Programs.

COMPLETED requests first. INCOMPLETE requests may be delayed. Further information may be

requested after applications are submitted as we underwrite loans through the SBA. Additionally, BCT will process all PPP fundings through a BCT deposit account. If you currently do not have a deposit account with BCT, we can open an account for you. We have several options to fit your business. Work with your BCT team member to open a uitable account. 

** The information listed below is from the original Payroll Protection Program and is provided for information purposes only. If more funding is approved by Congress, there may be changes to these terms and conditions.

Paycheck Protection Program (PPP)

Maximum Loan Amount

2.5x Avg monthly payroll capped at $100,000 per employee, max of $10,000,000 per borrower

Eligible Borrowers

Business with the greater of:

i) 500 or fewer employees


ii) SBA NAICS-specific employee size standards

Use of Proceeds

  • Payroll Expenses
  • Employee Salaries
  • Mortgage Interest (principal excluded)
  • Rent and Utilities
  • Interest on any other debt before 2/15/20

Collateral Personal Guarantee




Credit Elsewhere



Up to 100% of indebtedness of an amount equal to the sum of the qualified costs incurred and payments made during the covered period (8-week period following loan origination). However, decreases in employee headcount or wages may reduce the amount eligible for forgiveness.


Fixed 1.00%


6 months interest only, 18 months principal and interest for a total term of 24 months. No payments for the first 6 months.

How To Apply

Apply through BCT Lending

Preparation Documents and Application


**First time users of this application will need to register. Later in application, when prompted for Lender Choice, select "SBA Loan Support Team."

Contact the BCT Loan Help Team with questions at:



LoanHelp@mybct.com (email)

* BCT is approved to offer SBA loan products under SBA’s Preferred Lender Program. The above information is current as of April 16, 2020 and is subject to change at any time with further clarification by the Small Business Administration. As with all business matters you should seek legal and/or tax counsel before making any financial decision.

Helpful Q&As to explain COVID-19 grant and loan programs

- PODCAST: Interview with Alice Frazier by Loudoun Economic Development

Other helpful information about SBA Business Assistance Programs

- GUIDE & CHECKLIST: COVID-19 Emergency Loans Programs (US Chamber of Commerce)

- ALL INFORMATION: SBA Disaster Loan Assistance Program

- EXPLANATION: 3 Step Process-SBA Disaster Loans (PDF)

Video Help (Presented by One Degree Capital. Not affiliated with BCT.)

- VIDEO: How Much Assistance Does My Business Need?

- VIDEO: Updated Terms for Payroll Protection Program (**This information may change)

- VIDEO: Business Impact. What To Expect.

- VIDEO: How Much Can You Expect To Receive? (**This information may change)

- VIDEO: PPP Loan Terms When Applying (**This information may change)

- VIDEO: Should Gov't Contractors Avoid PPP? (**This information may change)