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Paycheck Protection Program – Application Process Announced
Applications for the Small Business Administration’s (SBA) Paycheck Protection Loan Program are available now.

It was announced that applications for the Small Business Administration’s (SBA) Paycheck Protection Loan Program are available now, and that starting on 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. Independent contractors and those who are self-employed can begin applying on April 10, 2020. 


The new SBA Paycheck Protection Loan Program, created through the Coronavirus Aid, Relief, and Economic Security (CARES) Act, provides small businesses with zero-fee loans of up to $10 million to cover payroll and other operating expenses. Up to eight weeks of payroll, mortgage interest, rent, and utility costs can be forgiven if employers keep employees on payroll. Payments on principal and interest are deferred for six months and up to one year. The interest rate on any part of the loan not forgiven has been set at 0.5 percent. Due to expected high demand, borrowers are encouraged to apply as early as possible.

 

Earlier, the U.S. Department of Treasury shared new information regarding the Paycheck Protection Program. The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses. Please review the resources provided by the U.S. Department of Treasury below and visit their webpage for additional information. 

  • 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

For more resources relating to the COVID-19 outbreak, please refer to the Chamber's Coronavirus resource page.