SBA Payroll Protection Program - Second Wave
Protection for Small Businesses
The Paycheck Protection Program (PPP) provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Small businesses with 500 or fewer employees and eligible non-profit organizations, Veteran organizations and Tribal businesses described in the Small Business Act are eligible.
Funds are provided in the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities. Loan payments will be deferred for six months.
When can you apply?
- Starting April 27, 2020, small businesses and sole proprietorships can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.
- Other regulated lenders will be available to make these loans as soon as they are approved and enrolled in the program.
Where can you apply?
- You can apply through existing SBA lender or through any federally insured depository institution, federally insured credit union and Farm Credit System institution that is participating.
What do you need to apply?
- You will need to complete the Paycheck Protection Program loan application and submit the application with the required documentation to an approved lender by June 30,2020. Click HERE for the application.
For more FAQs about the Payroll Protection Program visit https://home.treasury.gov/system/files/136/PPP--Fact-Sheet.pdf
Sources:
U.S. Department of the Treasury https://home.treasury.gov/policy-issues/top-priorities/cares-act/assistance-for-small-businesses?fbclid=IwAR218nqWeTCtGB-TqTPoZYXLTX5EkafbcQCU8KHl4z6C5WDmHKY_FuHGNI8
U.S. Small Business Administration https://www.sba.gov/funding-programs/loans/paycheck-protection-program-ppp