Information on SBA's Paycheck Protection Program

Per the United States Treasury Department, the Paycheck Protection Program will provide up to $349 billion in forgivable loans to small businesses so that those businesses can pay their employees during the COVID-19 crisis. All loan terms will be the same for everyone.

The loan amounts will be forgiven as long as:
  • The loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and utility costs over the 8 week period after the loan is made; and
  • Employee and compensation levels are maintained. Payroll costs are capped at $100,000 on an annualized basis for each employee. Due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs.
  • Loan payments for amounts that are not forgivable will be deferred for 6 months.
  • No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.

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.

When can I apply?
  • Starting April 3, 2020, small businesses and sole proprietorships can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.
  • Starting April 10, 2020, independent contractors and self-employed individuals can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.
  • Other regulated lenders will be available to make these loans as soon as they are approved and enrolled in the program.

How can I apply?
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.  All loans will have the same terms regardless of lender or borrower. Additional information and full terms, as well as list of lenders can be found at

Jersey City Economic
Development Corporation

201-284-8609
Jersey City Economic
Development Corporation

201-284-9478