General Information: The PPP program is designed to help small businesses & non-profits maintain payroll in light of the COVID-19 pandemic. Eligible businesses who enroll in the program will receive a forgivable loan to use for payroll purposes, in addition to helping pay for utilities, rent, mortgage interest payments, and more. Details are included in the links below.
April 3, 2020: Small Businesses & Sole Proprietorship application period opened
April 10, 2020: Independent contractor & self-employed individual application period opens
PPP Loans Still available: The CARES Act allotted about $349 billion for the PPP loan program. Despite significant problems with large lenders across the nation, on April 3, the SBA Administrator indicated that over 17,000 loans had been approved amounting to over $5.4 billion. A significant amount of PPP loan funding remains available and Congress has shown interest in expanding this amount if needed, but I encourage you to work with your lender to get your application submitted as fast as possible.
Application Information: PPP applications are to be submitted through participating lenders. (See the PPP Lender Find Tool below)
The April 3 rollout of the SBA’s Paycheck Protection Program saw some significant issues, with many lenders unprepared to take in applications from interested parties and others limiting applications to those with existing lines of credit, etc. The SBA has been working with lenders to work out these issues in the subsequent days, and I encourage you to reconnect with yours if you had no luck on April 3. As a reminder, you will be expected to provide payroll information when you apply.
PPP Loan Resources: The Small Business Administration has distributed additional guidance from the U.S. Department of the Treasury on how the Paycheck Protection Program is going to be implemented and what both lenders and borrowers need to know. The following documents were provided: