(Updated April 27, 2o20)
The Treasury Department released details about how small businesses can apply for the Paycheck Protection Program—which initially provided $349 billion in forgivable loans to businesses employing fewer than 500 people. The program—which is part of the CARES Act that was passed and signed into in April—will help America’s small business entrepreneurs face the challenging economic conditions sparked by the coronavirus outbreak. To expedite the process, the loans will have same-day approval.
Although initial funding has run dry, Congress has replenished the program with another $310 billion. Prepare to apply once the program is up and running again with the below resources.
- DOWNLOAD THE APPLICATION FORM HERE.
- MORE INFORMATION FOR SMALL BUSINESS BORROWERS
- HOW TO CALCULATE MAXIMUM LOAN AMOUNT
- OVERVIEW OF THE PAYCHECK PROTECTION PROGRAM
- QUESTIONS ANSWERS (New April 13, 2020)
The program will extend until June 30, 2020, but small businesses are encouraged to take advantage of the financial relief as soon as possible.