On April 3, the Paycheck Protection Program (PPP) link to apply is live.Resources and applications are now available on the U.S. Small Business Administration (SBA) website. You can download and begin preparations on the information required.
Where Do I Download the PPP Form?
What Should I Do Next?
It is recommended that you verify that your banker or local lender is participating in the program. You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. We have additional SBA lender FAQs and resources, here.
April 2, 2020 Update: Your lender or bank will advise on their status and readiness. According to news reports, many are awaiting guidance from the SBA.
When Should I Be Ready to Apply?
According to the SBA, here are the key dates:
- Starting April 3, 2020, small businesses and sole proprietorships can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.
- Starting April 10, 2020, independent contractors and self-employed individuals can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.
Although the program is open until June 30, 2020, we encourage you to apply as quickly as you can because there is a funding cap and lenders need time to process your loan.
About the PPP
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.
The SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
The Paycheck Protection Program will be available through June 30, 2020.
Frequently Asked Questions:
The Small Business Administration (SBA), in consultation with the Department of the Treasury, intends to provide timely additional guidance to address borrower and lender questions concerning the implementation of the Paycheck Protection Program (PPP). The Treasury Department has created a link to their own FAQ document, that will be updated on a regular basis.
For official guidance, go to The CARES Act | Assistance for Small Businesses page.
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