The $349 billion Paycheck Protection Program provides forgivable loans for small businesses (less than 500 employees) to help with job retention and certain other expenses.
The Internal Revenue Service has announced that starting April 3, 2020, small businesses and sole proprietorships can apply for and receive loans to cover their payroll and other certain expenses through any existing SBA 7(a) lender or federally insured depository institution, federally insured credit union, and participating Farm Credit System.
A number of non-bank lending institutions are also authorized by the SBA to process PPP loan applications.
Lenders may begin processing loan applications as soon as April 3, 2020.
Starting April 10, 2020, independent contractors and self-employed individuals can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.Paycheck-Protection-Program-Application-3-30-2020-v3