Paycheck Protection Program (PPP) and
Available Programs from the SBA
Lenders started accepting Paycheck Protection Loan (PPP) applications beginning April 27th, for small businesses and sole proprietors. Independent contractors and self-employers can begin submitting applications on April 27th. This program provides potentially forgivable loans in amounts to cover 2.5 months of payroll or $10 million (whichever is less).
To apply for a PPP:
Review the application and gather the necessary materials such as payroll tax filings, proof of lease payments, proof of mortgage payments, and proof of utility payments
Get in contact with your accountant and/or bank that pays out your business’s payroll.
Ask your lender if it is authorized to process your Paycheck Protection Program loan.
If you are not connected to an authorized lender, you can search for an eligible lender here. If you are unable to find an eligible lender, you contact the local SBA District Office.
The PPP is a part of the CARES act enacted March 27, 2020. We encourage you to review all of the grants and loans that are now available to you through this Act.
Available Federal Grant and Loan Products include:
Download a chart of the different SBA loans available here
Economic Injury Grant (Note: You must opt into the Grant while completing loan application)
Economic Injury Disaster Loan
Paycheck Protection Program
SBA Express Bridge
-You have the ability to wait to accept a product, loan, or grant after you apply and are approved.
Depending on your situation, a prudent action would be to apply to multiple products and as you weigh your options and learn more of the intricacies of how they interact together, you can then make additional informed decisions on how you will choose to use and expend each of the grants and loans.
For additional information:
See the recorded Webinar of the CARES Act Impact on Small business here