NEW FEDERAL PROGRAM AIMED TO SUPPORT SMALL BUSINESS PAYROLL NEEDS
The Paycheck Protection Program (PPP) provides forgivable loans of up to $10 million for costs incurred from February 15, 2020 to June 30, 2020. Loans can be used for payroll, business rent, business mortgage interest, or business-related utilities.
Who is Eligible: small businesses, non-profits, veterans organizations, tribal businesses, ESOP’s and cooperatives with less than 500 employees, sole proprietorship’s, self-employed individuals, and independent contractors
How to Apply: Applications for small business businesses and sole proprietors open April 3. Applications for independent contractors and self-employed open April 10. You will apply through your locally authorized bank and non-bank lenders. This will typically be your existing banking partner.
Next Steps: While waiting for the application to open, we recommend the following steps:
- Verify your business’s eligibility
- Review the Prepare, Apply, Comply Guide
- Review the application and gather the necessary materials such as payroll tax filings, proof of lease payments, proof of mortgage payments, and proof of utility payments
- Get in contact with your accountant and/or bank that pays out your business’s payroll. Ask your lender if it is authorized to process your Paycheck Protection Program loan. If you are not connected to an authorized lender, find an eligible lender here