On March 31, 2020 the U.S. Department of Treasury unveiled the Small Business Paycheck Protection Program application and additional guidance. 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.
The Treasury Department and the Internal Revenue Service also launched the Employee Retention Tax Credit, designed to encourage businesses to keep employees on their payroll. The refundable tax credit is 50 percent of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19. We can expect additional guidance in the coming days. More information can be found here.
When to Apply
Small business can apply starting April 3
Independent contractors and sole proprietors can apply starting April 10
Resources
Program Overview
Information for Lenders
Information for Borrowers
Application for Borrowers
