Small Business Update: Payroll Protection Program Opens April 3rd

On Friday, March 27th, Congress passed a $2.2 trillion economic stimulus package, also known as the CARES (Coronavirus Aid, Relief and Economic Security) Act. This package included $349 billion set aside exclusively to help small businesses, providing loans to small businesses that, under the right circumstances, will not need to be paid back.

On Friday, April 3rd, small businesses with employees and sole proprietors may start applying for these loans.

Click here to learn more about the loan program and how to apply please visit the SBA’s website.

Click here to find a list of SBA’s local lenders

On Friday, April 10th, self-employed individuals and independent contractors may start applying for these loans.

Who’s eligible?
Small employers with 500 employees or fewer
Other business concerns that meet the current SBA size standards
Sole proprietors, self-employed individuals and contractors
Certain nonprofits, including 501(c)(3) organizations and 501(c)(19) veteran organizations, and tribal businesses with under 500 employees
Businesses in the accommodation and food service industries can apply on a per location basis if they have 500 employees or fewer per location

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