UPDATE: Paycheck Protection Program Loans Available


Update Friday, April 3 11:00a.m. ET: The U.S. Small Business Administration has released this Interim Final Rule on the Paycheck Protection Program. Apply here.

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:

Small Business Administration Resource Guide

U.S. Treasury Paycheck Protection Program Information Sheet

U.S. Senate Committee on Small Business & Entrepreneurship Guide to the CARES Act

U.S. Chamber of Commerce Coronavirus Emergency Loans Small Business Guide and Checklist


About Author

Sarah Borodaeff is the former research editor for Adventure Park Insider magazine and current freelance contributor. A professional ski bum and former zip guide, Sarah enjoys any excuse to talk about outdoor adventures.

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