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3/31/2020 |
Press Release |
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Small Business Administration Releases Guidance on Paycheck Protection Program |
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The Small Business Administration has now issued guidance on its new lending capacity under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The new Paycheck Protection Program expands the SBA's 7(a) loan program to help small businesses cover their near-term operating expenses and retain employees. The format may follow the SBA 7(a) express loan process — but with a 100% guarantee.
ASSISTANCE FOR SMALL BUSINESSES
Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.
For an overview of the program CLICK HERE
If you’re a lender, learn more HERE
If you’re a borrower, learn more HERE
The application for borrowers can be found HERE
Click here for the full SBA webpage devoted to all CARES programs.
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