What is it?
A $350 Billion program which provides cash flow for small businesses for 8-weeks to cover payroll costs and employee retention.
How to have loans forgiven:
Paycheck Protection Program Loans are forgivable for businesses that use 75% of the money awarded to cover payroll costs, and employee and compensation levels are retained. Other expenses that will be forgiven if this criteria are met are mortgage interest payments, rent payments, or utility payments.
Who is eligible?
All businesses with 500 employees or less are eligible to apply. This includes:
- Veterans organizations
- Tribal businesses concerns
- Sole proprietorships
- Self-employed individuals
- Independent contractors
Some businesses with over 500 employees may be eligible – to get guidance on this criteria click here
Where can you apply?
An application can be submitted at any SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution. For a full list of participants please click here
What is needed to apply?
To apply, a completed application must be submitted to an approved lender by no later than June 30, 2020. To get a copy of a Paycheck Protection Program Application click here
- April 3rd – small businesses and sole proprietorships can apply
- April 10th – independent contractors and self-employed individuals can apply
- June 30th – applications must be submitted to an approved lender
For additional information – including program requirements, eligibility requirements and commonly asked questions regarding the program please click here to view the Treasury Department’s informational page.