The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. 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 retroactive from February 15, 2020, so employers can rehire their recently laid-off employees, through June 30, 2020. Small businesses and sole proprietors may begin applying on April 3, 2020. Independent contractors and self-employed individuals can apply beginning April 10, 2020.
For more information, visit SBA’s online resource and review the attached materials.
Review these materials:
PPP Application (PDF)
PPP Borrower Information Fact Sheet (PDF)
PPP Lender Information Fact Sheet (PDF)
PPP Overview Fact Sheet (PDF)
Bank Information List (XLS)
Note: We have included a list of lenders eligible to participate in the Paycheck Protection Program based on prior participation in the SBA’s 7(a) loan program. This does not guarantee an identified lender is accepting Paycheck Protection Program loan applications. Additional lenders may also become available.
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