U.S. Small Business Association Paycheck Protection Program
The PPP Is Open For Applications From Participating Lenders (April 27, 2020)
The SBA began to accept new applications for the Paycheck Protection Program (PPP) from participating lenders on Monday, April 27, 2020. For more information, visit the SBA pages for PPP, and for other assistance options and Small Business Guidance & Loan Resources.
The Paycheck Protection Program has been a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. The Small Business Association (SBA) forgives 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 is available through June 30, 2020.
This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors, and self-employed persons); private non-profit organizations or 501(c)(19) veterans organizations affected by coronavirus/COVID-19. 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.
Other regulated lenders are available to make these loans once they are approved and enrolled in the program. Consult with local lenders as to whether they are participating in the program. Lenders may begin processing loan applications as soon as April 3, 2020.