Paycheck Protection Program Applications Start April 3
The Paycheck Protection Program (“PPP”) authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. All loan terms will be the same for everyone.
The loan amounts will be forgiven under certain circumstances. These include:
- The loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and utility costs over the 8 week period after the loan is made
- Employee and compensation levels are maintained.
Small businesses and sole proprietorships can apply for and receive loans starting on April 3, 2020. Starting April 10, 2020, independent contractors and self-employed individuals can apply for and receive loans
You can apply through any existing SBA lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating.
Below are several links which you can use to look into this program further.