COVID-19: More information released for Paycheck Protection Program, small business assistance
WASHINGTON, D.C. – The Trump Administration continues to update and provide additional information and resources with regard to the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
Assistance for Small Businesses
The Paycheck Protection Program established by the CARES Act, is implemented by the Small Business Administration with support from the Department of the Treasury. This 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. The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses. Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.
- Top-line overview of the paycheck protection loan program
- More information for lenders
- More information for borrowers
- Borrower Application Form – Updated 4/2
- Lender Application Form
- New Lender Application Form (Federally Insured Depository Institutions, Federally Insured Credit Unions, Farm Credit System Institutions)
- New Lender Application Form (Non-Bank and Non-Insured Depository Institution Lenders)
- Interim Final Rule
- Interim Final Rule on Affiliation
- Interim Final Rule – Additional Eligibility Criteria and Requirements for Certain Pledges of Loans – Posted 4/14
- Applicable Affiliation Rules
- Frequently Asked Questions – Updated 4/14
- Find an eligible lender
- Lender Assistance Hotline: (833) 572-0502
For more information and updates, visit Treasury.gov/CARES and SBA.gov/PayCheckProtection.
U.S. Small Business Administration Releases Paycheck Protection Program (PPP) Report (HERE)
- Through April 13, 2020, the SBA has guaranteed 1,035,086 loans under the Paycheck Protection Program.