The good news: As you likely know, the $2 Trillion CARES Act passed on Friday includes $350 billion for a Paycheck Protection Program, which provides loans of up to $10 million to any business with fewer than 500 employees.
Even better news: You do not have to visit any government institution to apply for the program. All you have to do is apply at any lending institution that is approved to participate in SBA lending or is approved by the U.S.Department of Treasury. This could be the bank you normally use, or a nearby bank. There are thousands of banks that already participate in the SBA’s lending programs, including numerous community banks. You can call your bank or find SBA-approved lenders in your area through SBA’s online Lender Match tool.
· Find more information on the Paycheck Protection Program here.
· For a chart outlining eligibility and terms for loans via the Paycheck Protection Program here.
The best news: These loans are forgivable. Loans can be forgiven up to the amount of the loan equal to the sum of expenses for payroll, and existing interest payments on mortgages, rent payments, leases, and utility service agreements.
You can also call your local Small Business Development Center and they will provide free assistance and guide you to lenders.