We are doing our best to keep our clients informed of the new loan programs now available to small businesses. Here are some important highlights of the Paycheck Protection Program (PPP Loan).
Who is Eligible?
Businesses with 500 or fewer employees—including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors—are eligible.
When to Apply?
Small businesses and sole proprietors can apply beginning April 3rd.
Independent Contractors and self-employed individuals can apply starting April 10th
How to Apply?
You can apply through any existing SBA 7(a) lender or through any FDIC insured bank or credit union. All loan terms will be the same regardless of the lender or borrower. A list of participating lenders as well as additional information and full terms can be found at www.sba.gov.