Small Business Lending
Paycheck Protection Program

Paycheck Protection Program Application - Apply Here
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Paycheck Protection Program Information
Calculate Your Benefits

 

SMALL BUSINESS PAYCHECK PROTECTION PROGRAM 

The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities. 

Fully Forgiven 

Funds are provided in the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees. 

Must Keep Employees on the Payroll—or Rehire Quickly 

Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease. 

All Small Businesses Eligible 

Small businesses with 500 or fewer employees—including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors—are eligible. Businesses with more than 500 employees are eligible in certain industries. 

When to Apply 

Starting April 3, 2020, small businesses and sole proprietorships can apply. Starting April 10, 2020, independent contractors and self-employed individuals can apply. We encourage you to apply as quickly as you can because there is a funding cap. 

How to Apply 

You can apply through Maps by clicking the link above. The Paycheck Protection Program is implemented by the Small Business Administration with support from the Department of the Treasury. 

Click here for more detailed information about the program.