Paycheck Protection Program - Coronavirus Economic Help for Small Businesses

As COVID-19 continues to unravel businesses across almost every industry, many business owners are searching for a lifeline. In an attempt to stabilize the economy, Congress passed the $2.2 Trillion Bill - the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

One of the resources available to businesses is the Paycheck Protection Program, which consists of $349 billion in government-backed, forgivable loans to help small businesses continue to make payroll as well as certain operating expenses. Businesses may each be eligible for up to $10 million to cover payroll and other employee benefits (PTO, insurance premiums, retirement, etc.). The loan may also be used to cover mortgage interest, rent, and utilities.

Qualifying businesses for this loan include:

• Small businesses (LLCs, Partnerships, S Corporations, and C Corporations); sole proprietors and self-employed individuals; independent contractors; nonprofit organizations; and veterans’ organizations;

• Employ 500 or fewer people (some lenders will only process applications for businesses with fewer than 50 employees);

• Were in business on or before February 15, 2020; and

• Paid salaries of employees or independent contractors

Lenders began to make loan applications available on April 3, 2020, however, many large lending institutions are still waiting on federal guidance before they begin accepting applications. Although each lender has established their own perimeters for loan applicants, many lenders are requiring applicants to have had a business account as of February 15, 2020.

For more information on Cononavirus Help for Businesses:

EIDL Loan Advance This loan advance will provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties. Learn more

SBA Express Bridge Loans Enables small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly. Learn more

SBA Debt Relief The SBA is providing a financial reprieve to small businesses during the COVID-19 pandemic. Learn more

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