The federal U.S. Small Business Association (SBA) resumed accepting Paycheck Protection Program (PPP) applications from participating lenders on Monday, April 27, 2020 at 10:30 a.m. EDT.
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 bank or credit union that is participating.
You should consult with your local lender as to whether it is participating in the program.
