SBA Paycheck Protection Program
The SBA Paycheck Protection Program provides small businesses with funds to pay up to 10 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.
Funds are provided in the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 60% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.
Must Keep Employees on the Payroll—or Rehire Quickly
Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.
Updated detailed information is available at the US Treasury site at https://home.treasury.gov/policy-issues/cares/assistance-for-small-businesses
All Small Businesses Eligible
Small businesses with 500 or fewer employees—including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors—are eligible. Businesses with more than 500 employees are eligible in certain industries.
How to Apply
The second round of funding closed on June 30, 2020. Another round may be available soon. We will provide updates on this page. If additional funds are authorized, we will do our best to submit applications that are fully complete and supported with all required supporting documentation on a first come, first serve basis.