Paycheck Protection Program

The Paycheck Protection Program provides $350 billion for 100 percent federally-guaranteed loans for 8 weeks of assistance to small businesses and nonprofits. Sole-proprietors, independent contractors, and other self-employed individuals are also eligible for these loans.

• Loans can be forgiven when used for payroll costs, interest on mortgage obligations, rent, and utilities.
• The maximum loan amount is 2.5 times the average monthly payroll, up to $10 million.
• SBA-certified lenders and non-SBA lenders would be authorized to make Paycheck Protection loans., All lenders participating in the Paycheck Protection Program, including banks, credit unions, and other financial institutions, will be moved to delegated authority which allows lenders to process loans quickly without SBA approval.
• Payments are automatically deferred for six months where the SBA pays principal, interest, and fees on all SBA loans.

Fill out the application and take it to your local lender.