ACT NOW!
The Paycheck Protection Program (PPP) was enacted under the CARES Act to help small businesses cover their near-term operating expenses during the COVID-19 crisis and provide a strong incentive for employers to retain their employees.
This is a new $349-billion Small Business Administration (SBA) lending program, with a 100% government guarantee, as opposed to the 75% guarantee for traditional SBA 7(a) loans.
Important notes on the Payroll Protection Program:
- The program becomes available on April 3, 2020.
- The SBA believes the PPP program will be so popular that the $349B of funding will be exhausted by this Sunday. The SBA and SBDC encourages you to submit your application through an authorized lending institution tomorrow, April 3, 2020.
SBA is collecting the requested information in order to make a loan under SBA’s Economic Injury Disaster Loan Program to the qualified entities listed in this application that are impacted by the Coronavirus (COVID-19). The information will be used in determining whether the applicant is eligible for an economic injury loan. If you do not submit all the information requested, your loan cannot be fully processed.
