DMR Bulletin: SBA to Resume Paycheck Protection Program Tomorrow, Monday, April 27
The Small Business Administration will resume accepting Paycheck Protection Program applications from participating lenders on Monday, April 27, 2020 at 10:30am EDT.
This loan provides small businesses, including eligible self-employed individuals, with funds to pay up to 8 weeks of payroll costs including benefits, utilities, mortgage interest and rent.
These funds will likely go quickly so we urge people to talk with their bank or credit union soon about this loan.
Paycheck Protection Program Loan Information
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.
SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
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. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program.
Frequently Asked Questions for Lenders and Borrowers
For more information on Coronavirus relief options from the SBA, visit https://www.sba.gov/funding-programs/loans/coronavirus-relief-options
