SBA’s Paycheck Protection Program for Small Businesses Affected by the Pandemic Launches

The Paycheck Protection Program’s maximum loan amount is $10 million with a fixed 1% interest rate and maturity of two years.

The U.S. Small Business Administration Administrator Jovita Carranza launched the Paycheck Protection Program, a $349 billion emergency loan program created last week with the President’s signing of the Coronavirus Aid, Relief, and Economic Security Act (CARES). The program provides forgivable loans up to $10 million to small businesses left financially distressed by the Coronavirus (COVID-19) pandemic. The loans, which will be administered at the local level by a national network of banks and credit unions, are designed to maintain the viability of millions of small businesses struggling to meet payroll and day-to-day operating expenses.

Read the full press release.

The loans, which are 100% backed by SBA, are being provided to small businesses without collateral requirements, personal guarantees, SBA fees, or credit elsewhere tests.

Those eligible for the program include small businesses, certain non-profits, veterans’ organizations, self-employed individuals, independent contractors, and other businesses meeting size standards based on their North American Industry Classification System code.

The Paycheck Protection Program’s maximum loan amount is $10 million with a fixed 1% interest rate and maturity of two years.

Webinar: What the CARES Act means for your small business

This is a critical moment for local and small business owners across the country. Please join us.

WHAT
What the CARES Act Means for Your Business & What’s Next 

WHEN
Tuesday, April 7
4:00 pm PT/7:00 pm ET

The programs and initiatives in the Coronavirus Aid, Relief, and Economic Security (CARES) Act that was just passed by Congress are intended to assist business owners with needs they have right now. When implemented, there will be many new resources available for small businesses, as well as certain non-profits and other employers.

During this webinar we will:

1. Provide information about the major programs and initiatives that will soon be available from the Small Business Administration (SBA) to address these needs
2. Address additional tax provisions that are outside the scope of SBA
3. Hear views from the small business leaders across the country

This is a critical moment for local and small business owners across the country. Please join us. Of course, we will take your Q & A.

Register here.