THE PAYCHECK PROTECTION PROGRAM DEADLINE IS FAST APPROACHING
All applications for the Paycheck Protection Program must be submitted by June 30. The program will fund up to 250% of a business’s average monthly payroll costs. The loan will be fully forgiven if a business spends at least 60% of the loan on payroll costs. The other portion may be used for rent, mortgage interest, or utilities.
Once you complete your application, you can submit it to any participating lending institution. Call your bank to determine if they are participating in the PPP program or click here to find a lender.
- The new PPP application has made it even easier to apply. Click here for the revised PPP application.
- Qualified borrowers may apply by using the simplified “EZ Application,” which is only three pages long. Click here to determine if you qualify for the “EZ Application.” You can access the simplified application here.
- Some of the groups eligible to apply for the PPP include: Businesses with less than 500 employees per location, faith-based groups, nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors.
- Click here for the full list of eligible groups as well as additional information on PPP loan forgiveness.
- For frequently asked questions specific to religious groups, click here.
- To learn more about the Paycheck Protection Program, click here.
BRIDGING THE GAP FOR SMALL BUSINESSES
Small business owners can apply for an Economic Injury Disaster Loan advance of up to $10,000. Agricultural businesses with less than 500 employees can also apply. This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. This loan does not need to be repaid. You can apply here.
Small businesses that currently have a business relationship with an SBA Express Lender can quickly access up to $25,000 through the Express Bridge Loan Pilot Program. These loans will help bridge the gap if a business urgently needs funds while waiting for their Economic Injury Disaster Loan to process. Click here to learn more about the SBA Express Bridge Loans.
MAIN STREET LENDING PROGRAM
The COVID-19 pandemic has disrupted many businesses’ ability to access credit or obtain financing. The Main Street Lending Program will support businesses that were in sound financial condition before the onset of the COVID-19 pandemic by providing them with credit. Please note these loans must be paid back.
- To learn more about the Main Street Lending Program, click here.
- You can access Frequently Accessed Questions about the program here.
- To access the Paycheck Protection Program application in Spanish, click here.
- For COVID-19 testing locations, click here.