The Paycheck Protection Program, part of the newly enacted CARES Act, offers relief to small businesses affected by the COVID-19 outbreak. The program is implemented by the Small Business Administration (SBA) and is designed primarily to keep employees on payroll and cover other critical expenses. Qualifying businesses can receive loans up to $10 million.
The SBA has announced that it will allow eligible small businesses and sole proprietorships to submit applications beginning Friday, April 3, 2020, and independent contractors and self-employed individuals to apply beginning April 10, 2020.
For eligibility requirements and details about the program, visit sba.gov/ppp.