• 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.
• The Paycheck Protection Program will be available through June 30, 2020.
• All loan terms will be the same for everyone. 

• This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by coronavirus/COVID-19.
• Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries.
• Small businesses in the hospitality and food industry with more than one location could also be eligible at the store and location level if the store employs less than 500 workers. This means each store location could be eligible.

• 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.
• Lenders may begin processing loan applications as soon as April 3, 2020.
• Starting April 3, 2020, small businesses and sole proprietorships can apply. Starting April 10, 2020, independent contractors and self-employed individuals can apply.
• SBA encourages you to apply quickly because there is a funding cap.

• The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% 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.
• 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.
• This loan has a maturity of 2 years and an interest rate of 0.5%.
• If you wish to begin preparing your application, you can download a sample form to see the information that will be requested from you. 
• You will need to provide your lender with payroll documentation.

• Information Sheet for Borrowers
• Paycheck Protection Program (PPP) Sample Application Form

• Carly McCrory-McKay, Executive Director - Champaign County EDC
• carly@champaigncountyedc.org / 217-649-2586
• Jordan Landeck, Marketing & Events Director - Champaign County EDC
• jordan@champaigncountyedc.org
• Don Elmore, Director - Illinois Small Business Development Center at Champaign County EDC
• don@cusbdc.org
• Mariel Huasanga, International Trade Center Director - Illinois Small Business Development Center at Champaign County EDC
• mariel@cusbdc.org