April 01, 2020

Paycheck Protection Program Guidance Update

Loan applications for the Paycheck Protection Program (a provision of the CARES Act) can now be made as early as April 3, 2020. 

You can apply through any existing SBA lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program.  

All businesses – including nonprofits,  sole proprietorships, self-employed individuals, and independent contractors – with 500 or fewer employees can apply. Businesses in certain industries can have more than 500 employees if they meet applicable SBA guidelines.

For more information please see the U.S. Treasury’s Information sheet here and the SBA’s program overview here

If you need assistance being connected to a participating lender or have any questions please contact Natalie Vichnevsky.