The SBA (Small Business Administration) has resumed accepting Paycheck Protection Program applications from participating lenders on Monday, April 27, 2020 at 10:30am EDT. If you haven’t requested Small Business Administration funds, do it soon.
For Details please visit – https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program#section-header-0
It seems the eligibility criteria for application is broad and you may qualify for this program, if you have not already. Please check below.
Who Can Apply
The following entities affected by Coronavirus (COVID-19) may be eligible:
o Sole proprietors, independent contractors, and self-employed persons
o Any small business concern that meets SBA’s size standards (either the industry based sized standard or the alternative size standard)
o Any business, 501(c)(3) non-profit organization, 501(c)(19) veterans organization, or Tribal business concern (sec. 31(b)(2)(C) of the Small Business Act) with the greater of:
o 500 employees, or
o That meets the SBA industry size standard if more than 500
o Any business with a NAICS Code that begins with 72 (Accommodations and Food Services) that has more than one physical location and employs less than 500 per location.
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.
- SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
- You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program.
