Update as of 5/18/2020:  At this time we are no longer accepting applications for Paycheck Protection Program loans.  If you have created an account and have application materials saved, you can download them through your "My Documents" link.  We wish all small business borrowers success in finding a local lender who can process their loan application.


Access multiple SBA lenders with one fast, online application. Apply for your CARES Act Paycheck Protection Program loan today.



CARES Act Paycheck Protection Program Loan Origination

North Capital has been facilitating online capital formation for private businesses for over ten years, processing over 68,000 transactions in more than 1,060 deals, with a value of more than $1.8 billion.  Our technology is designed to process online financial transactions at scale.  As the details of the CARES Act and the Paycheck Protection Program have been communicated to the financial community, we quickly realized that we should utilize our technical capabilities and domain knowledge to facilitate the processing of Paycheck Protection Program SBA loans to small businesses.  Time is of the essence.




Provide Your Company and Financial Information

We will need general information about the Company, its Ownership structure and information about Payroll.


We Estimate How Much You Could be Eligible for

Based on the information you have provided, we will let you know how much your Paycheck Protection Program Loan could be.


Upload the Required Documents

We will tell you what documents you need to upload in order to submit your application.


Submit Your P3Loans Application

Once you have submitted your application, we will review everything and make sure it’s complete. Then we will forward your application to one of the lenders we work with and they will initiate their internal loan application process.


Check Your Status and Take Your Loan

Check your application status at P3Loans.com and you will be notified once the lender has approved your loan application.



What does P3Loans need from me in order to process my application?

We will need general information about your company, your company’s structure and information about your company’s payroll. Additionally you will need to upload your company’s certificate of formation, Articles or organization or incorporation, operating agreement or by-laws, member of shareholders list of 20% or greater owners and Payroll documentation (payroll processor records, tax filings, Form-1099 Misc).

Will my loan be forgiven?

There is no guarantee that your loan will be forgiven. However, you are eligible for loan forgiveness if at least 75% of the funds are used for payroll purposes and the rest for rent or business mortgage interest or utilities. Additionally you must maintain or quickly rehire employees and maintain salary levels.

What is the time period the PPP covers?

The time period of the loan is the first eight weeks following the date of the loan.

What are the costs for using P3Loans?

There is no cost to borrowers, but you can only accept one loan and certain lenders require that you attest that you are only making one application.

Is it guaranteed that I will receive the funds from the program?

The Program is first-come, first-serve, and there is no guarantee that your application will be approved in time to receive funds, or at all

My business only employs independent contractors. Can I still apply?

The contractors would have to apply individually with applications opening on April 10th 2020.

I am a sole-proprietor or self employed. Can I still apply?

Yes. The applications for sole-proprietors and self employed individuals are opening on April 10th 2020

Can I apply for the EIDL (Economic Injury Disaster Loan) at the same time?

No. The application for EIDL is separate and you can complete it at the SBA website.

Do PPP loans cover paid sick leave?

Yes. PPP loans covers payroll costs, including costs for employee vacation, parental, family, medical, and sick leave. However, the CARES Act excludes qualified sick and family leave wages for which a credit is allowed under sections 7001 and 7003 of the Families First Coronavirus Response Act (Public Law 116–127). Learn more about the Paid Sick Leave Refundable Credit here.

My small business is a seasonal business whose activity increases from April to June. Considering activity from that period would be a more accurate reflection of my business’s operations. However, my small business was not fully ramped up on February 15, 2020. Am I still eligible?

In evaluating a borrower’s eligibility, a lender may consider whether a seasonal borrower was in operation on February 15, 2020 or for an 8-week period between February 15, 2019 and June 30, 2019.

I need to request a loan to support my small business operations in light of current economic uncertainty. However, I pleaded guilty to a felony crime a very long time ago. Am I still eligible for the PPP?

Yes. Businesses are only ineligible if an owner of 20 percent or more of the equity of the applicant is presently incarcerated, on probation, on parole; subject to an indictment, criminal information, arraignment, or other means by which formal criminal charges are brought in any jurisdiction; or, within the last five years, for any felony, has been convicted; pleaded guilty; pleaded nolo contendere; been placed on pretrial diversion; or been placed on any form of parole or probation (including probation before judgment).

What time period should borrowers use to determine their number of employees and payroll costs to calculate their maximum loan amounts?

In general, borrowers can calculate their aggregate payroll costs using data either from the previous 12 months or from calendar year 2019. For seasonal businesses, the applicant may use average monthly payroll for the period between February 15, 2019, or March 1, 2019, and June 30, 2019. An applicant that was not in business from February 15, 2019 to June 30, 2019 may use the average monthly payroll costs for the period January 1, 2020 through February 29, 2020. Borrowers may use their average employment over the same time periods to determine their number of employees, for the purposes of applying an employee-based size standard. Alternatively, borrowers may elect to use SBA’s usual calculation: the average number of employees per pay period in the 12 completed calendar months prior to the date of the loan application (or the average number of employees for each of the pay periods that the business has been operational, if it has not been operational for 12 months).

Should payments that an eligible borrower made to an independent contractor or sole proprietor be included in calculations of the eligible borrower’s payroll costs?

No. Any amounts that an eligible borrower has paid to an independent contractor or sole proprietor should be excluded from the eligible business’s payroll costs. However, an independent contractor or sole proprietor will itself be eligible for a loan under the PPP, if it satisfies the applicable requirements.

How should a borrower account for federal taxes when determining its payroll costs for purposes of the maximum loan amount, allowable uses of a PPP loan, and the amount of a loan that may be forgiven?

Under the Act, payroll costs are calculated on a gross basis without regard to (i.e., not including subtractions or additions based on) federal taxes imposed or withheld, such as the employee’s and employer’s share of Federal Insurance Contributions Act (FICA) and income taxes required to be withheld from employees. As a result, payroll costs are not reduced by taxes imposed on an employee and required to be withheld by the employer, but payroll costs do not include the employer’s share of payroll tax. For example, an employee who earned $4,000 per month in gross wages, from which $500 in federal taxes was withheld, would count as $4,000 in payroll costs. The employee would receive $3,500, and $500 would be paid to the federal government. However, the employer-side federal payroll taxes imposed on the $4,000 in wages are excluded from payroll costs under the statute. [The definition of “payroll costs” in the CARES Act, 15 U.S.C. 636(a)(36)(A)(viii), excludes “taxes imposed or withheld under chapters 21, 22, or 24 of the Internal Revenue Code of 1986 during the covered period,” defined as February 15, 2020, to June 30, 2020. As described above, the SBA interprets this statutory exclusion to mean that payroll costs are calculated on a gross basis, without subtracting federal taxes that are imposed on the employee or withheld from employee wages. Unlike employer-side payroll taxes, such employee-side taxes are ordinarily expressed as a reduction in employee take-home pay; their exclusion from the definition of payroll costs means payroll costs should not be reduced based on taxes imposed on the employee or withheld from employee wages. This interpretation is consistent with the text of the statute and advances the legislative purpose of ensuring workers.]

The amount of forgiveness of a PPP loan depends on the borrower’s payroll costs over an eight-week period; when does that eight-week period begin?

The eight-week period begins on the date the lender makes the first disbursement of the PPP loan to the borrower. The lender must make the first disbursement of the loan no later than ten calendar days from the date of loan approval.


Our goal is to promptly obtain CARES Act Paycheck Protection Program financing for as many small businesses as possible.   The financial dislocation created by the novel Corona virus has been far reaching.  While the Paycheck Protection Program and other fiscal policies and SBA loan programs enacted by Congress have the potential to relieve some of the pressure  experienced by small businesses,  private SBA-approved lending institutions have been entrusted with implementing the Program.  Many of these institutions are not equipped to process the volume of applications that are expected.  The Treasury Department anticipated this possibility and provided for the role of Agents to facilitate the origination and processing of CARES Act Paycheck Protection Program loans.   Brokers, like North Capital, are compensated by lenders to facilitate the application process.  There is no fee to borrowers.


623 E Fort Union Blvd. Suite 101, Midvale, UT 84047

(415) 315-9916

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