Businesses that are anticipating applying to the SBA Paycheck Protection Program (PPP) should begin preparing now. Application submission began on April 3 for small business and sole proprietors, and starts April 10 for independent contractors and self-employed individuals.
The PPP provides up to $10 million in forgivable loans to assist businesses in keeping their employees. Even if your business has already reduced employment, you are still eligible based on employment levels prior to Feb. 15.
To Prepare:
● Read the PPP information sheet from the US Treasury carefully
● Contact your current SBA partner bank and let them know you are interested in participating. If you do not currently bank with an SBA partner bank, you can find the statewide and county specific SBA banks by visiting www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program-ppp
● Download the SAMPLE form and be prepared to provide the information provided therein.
Stay connected with the SBA and US Treasury’s social media accounts, and be prepared for the official application to be released.
● While waiting to submit your PPP application, consider the SBA’s Economic Injury Disaster Loan (with a forgivable $10k advance) as an additional resource. Learn more by visiting our information portal.