Supporting Small Businesses: Paycheck Protection Program, coronavirus.gov

Summary

This federal coronavirus guidance page on supporting small businesses describes the Paycheck Protection Program as covering payroll and other eligible expenses for up to eight weeks after a loan is made. It says businesses, nonprofits, veterans organizations, Tribal business concerns, sole proprietorships, self-employed individuals and independent contractors with 500 or fewer employees may apply, and that loans of up to $10 million will be 100% forgiven if borrowers retain full staff and payroll and spend the proceeds on eligible expenses. The program is described as open until June 30, 2020. The page also says the CARES Act covers six months of payments on existing 7(a), Community Advantage, 504 and microloan loans, and that Economic Injury Disaster Loans offer an up-front advance that does not have to be repaid.

Summary drafted by a model from the document's text below and checked by script against that text before publication. It is a navigation aid, not a reading of what the document proves. Where AI is used

Full text

Supporting Small Businesses

Paycheck Protection Program (PPP)

Purpose:

The Paycheck Protection Program ensures that small businesses can continue to pay employees and cover certain costs during this unprecedented health crisis. For up to eight weeks after the loan is made, this program can be used to cover the cost of payroll and other eligible expenses.

Who is eligible?

All businesses—including nonprofits, veterans organizations, Tribal business concerns, sole proprietorships, self-employed individuals, and independent contractors—with 500 or fewer employees may apply. Businesses in certain industries can have more than 500 employees if they meet the SBA's size standards for those industries.

Loan details:

- Thousands of banks, credit unions, and other lenders will be available to make these loans, including lenders in your local area.
- Loans of up to $10 million can be used to cover payroll, paid sick leave for which you are not receiving a tax credit under the Families First Coronavirus Response Act, insurance premiums, rent, utilities, and mortgage interest payments.
- If you retain your full staff and payroll, and use the loan proceeds on payroll and other eligible expenses, all of your loan will be 100% forgiven.
- To apply, visit a participating lender to complete an application and submit the required documentation. The program is open until June 30, 2020 .

Find an Approved Lender Near You

Small Business Administration Loan Forgiveness

Purpose:

The CARES Act includes forgiveness of loan payments for most existing SBA loans. Once implemented, you will not have to make your next six months of loan payments.

Who is eligible?

Small business owners participating in the 7(a), Community Advantage, 504, or microloan programs.

Details:

- No action is required to receive this benefit.
- Payments due during this six month period will never have to be repaid.
- This benefit can also apply to new borrowers.
- If you are currently having difficulties meeting your obligations, contact your lender about deferring your next payment.

Other SBA Loan Options

Purpose:

Economic Injury Disaster Loans (EIDL) are already available in all fifty states, Washington D.C., and territories to help small business owners continue to operate during this pandemic.

Who is eligible?

Small Businesses, Non-profits, Tribal Businesses, and Cooperatives.

Details:

- After applying, small businesses may be eligible for an up-front advance payment.
- This up-front advance payment does not have to be repaid.
- The full Economic Injury Disaster Loans are offered at a long-term, low-interest rate.

More Information

En Español

Coronavirus (COVID-19): Orientación y recursos de préstamos para las pequeñas empresas

File and source

File

w2_0085_coronavirus-trumpwhitehouse-archives-gov-smallbusiness.html

Size

10,269 bytes

SHA-256

3d0856c18d4f4be374ec10947c61df4b2e97a5a91f62cecca6ce0bde533f2448

Our copy

w2_0085_coronavirus-trumpwhitehouse-archives-gov-smallbusiness.html

Original

No public link identified.