Paycheck Protection Program Apps Re-Open: 4.27.20

The U.S. Small Business Administration (SBA) has resumed accepting Paycheck Protection Program applications from participating lenders as of Monday, April 27, 2020 at 10:30am EDT. Last week, the Senate approved $310 billion in new funding for the program, which is a loan program designed to provide a direct incentive for small businesses to keep their workers on the payroll. You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating (click here for a list of participating lenders). Importantly, these PPP loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward. Click here to view an FAQ for Lenders and Borrowers.

Click here to view SBA's Coronavirus (COVID-19): Small Business Guidance & Loan Resources page and click here to view another SBA page about Coronavirus Relief Options. 

Photo credit: SBA