UPDATE: As of April 27, the Small Business Administration (SBA) started accepting PPP applications from lenders.
- Who’s eligible: Small businesses, nonprofits, veterans organizations, tribal businesses, ESOPs and cooperatives with fewer than 500 employees, sole proprietorships, self-employed individuals, and independent contractors, including gig workers. Find more info on size standards and eligibility details here.
- What it is: The Paycheck Protection Program (PPP) loan provides a direct incentive for small businesses to keep employees on their payroll. The Small Business Administration will forgive loans if all employees are kept on payroll for eight weeks and if the money is primarily used to cover payroll, rent, mortgage, interest, or utilities.
- Take action: You can apply for the PPP through participating SBA-approved lenders. This program will be available through June 30, 2020.
- From: U.S. Small Business Administration, Federal Government