Coronavirus Aid, Relief and Economic Security (CARES) Act (4.1.2020)
The Department of the Treasury and the Small Business Administration have released information on the Paycheck Protection Program, which provides $349 billion in loans to small businesses to help them stay afloat and retain workers and will be up and running by this Friday, April 3. Additionally, loan proceeds that are used to cover the first eight weeks of payroll costs, rent, utilities and mortgage interest are forgivable, with stipulations. For more information visit: https://home.treasury.gov/cares
ASSISTANCE FOR SMALL BUSINESSES
The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses. Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.
- For a top-line overview of the program CLICK HERE
- If you’re a lender, more information can be found HERE
- If you’re a borrower, more information can be found HERE
- The application for borrowers can be found HERE
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The Paycheck Protection Program is specifically designed to help small businesses keep their workforce employed. Visit SBA.gov/Coronavirus for more information on the Paycheck Protection Program.
Loan Terms & Conditions
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