Paycheck Protection Program - **Application Now Available**
If you are seeking assistance - DO NOT WAIT to apply.
The U.S. Department of Treasury issued additional guidance yesterday regarding the Paycheck Protection Program. Links to the resources provided by Treasury can be found on their
webpage
.
- A top-line overview of the program can be found here.
- If you’re a lender, more information can be found here.
- If you’re a borrower, more information can be found here.
- The application for borrowers can be found here.
When Can I Apply
The Paycheck Protection Program application process will roll out in two phases, one week apart.
- On April 3, 2020, small businesses and sole proprietorships can begin applying for these loans.
- On April 10, 2020, independent contractors and self-employed individuals can begin applying. The SBA advises that all businesses should “apply as quickly as you can because there is a funding cap.”
Where Can I Apply
You can apply through any existing SBA 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. Visit
www.sba.gov
for a list of SBA lenders.
