Yesterday, the Treasury Department released details about how small businesses can apply for the Paycheck Protection Program – which provides $349 billion in loans to businesses employing fewer than 500 people. To expedite the process, the loans will have same-day approval.
Starting April 3, 2020, small businesses and sole proprietorships can apply. Starting April 10, 2020, independent contractors and self-employed individuals can apply. We encourage you to apply as quickly as you can because there is a funding cap.
HOW TO APPLY
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. A list of participating lenders can be found at www.sba.gov.
Have more questions about the Paycheck Protection Program? Click here for more information: PAYCHECK PROTECTION OVERVIEW