Program Available Through June 30, 2020
This time-limited program has a host of resources that can help business owners navigate the Paycheck Protection Program application process. First, this program is to help small and medium businesses. Second, the program provides a direct incentive for small businesses to keep their workers on the payroll. Third, the SBA will forgive loans. All employees must stay on the payroll for eight weeks, and you need to use the money for payroll, rent, mortgage interest, or utilities.
Applying for a loan does not have to be complicated. Apply through any existing, participating 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System. Because other regulated lenders will be available to make these loans once they are approved and enrolled in the program, you also have the opportunity to pick your bank. Consult with your local lender as to whether it is participating in the program. And, you can also use this link to find a lender.
And, don’t forget to check out these additional resources designed to get you up and running. See our other blogs for details on how to manage working from home, lead generation, and more.