Paycheck Protection Program loans will be available to small business owners starting Friday, April 3. The Paycheck Protection Program is one of many disaster relief programs available to small business owners as a result of the COVID-19 pandemic.
Under the program:
- Eligible recipients may qualify for a loan up to $10 million, determined by 8 weeks of prior average payroll plus an additional 25% of that amount.
- Loan payments will be deferred for six months.
- If you maintain your workforce, SBA will forgive the portion of the loan proceeds that are used to cover the first 8 weeks of payroll and certain other expenses following loan origination.
Economic Injury Disaster loans will also be available beginning on April 3. This may be an important lifeline for many. Virtually every small business in the United States will be able to qualify. Here are some useful links: