The U.S. Small Business Administration (SBA) released the official rule for the $349 billion Paycheck Protection Program (PPP), including the formula for calculating loan amounts and what the loan can cover. #SmallBusinesses and sole proprietors can begin applying for the federal loans through their lenders today. Independent contractors and self-employers can apply beginning April 10.
Under the rule, businesses with 500 or fewer employees and 501(c)3 organizations are eligible to apply as long as they were in operation on Feb. 15, 2020. Sole proprietors and independent contractors are also eligible, but independent contractors need to apply themselves. A company cannot apply on behalf of a contractor.
Read more about the SBA Paycheck Protection Program: https://bit.ly/2UGORHY.
For more information contact our Denver Metro Small Business Development Center at firstname.lastname@example.org or the Small Business COVID-19 Disaster Response Hotline at (303) 860-5881.
Check out the video below for a deeper dive on how the CARES Act applies to small businesses, what programs are available for small businesses and the application process for paycheck protection loans: https://vimeo.com/403463709
This is "CARES Act Impact on Small Business 4.2.2020" by Denver Metro Chamber on Vimeo, the home for high quality videos and the people who love them.