The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn.
This initiative provides 100% federally guaranteed loans to small businesses who maintain their payroll during this crisis. These loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward. Loans can be up to 2.5 x the borrower’s average monthly payroll costs, not to exceed $10 million.
Where can one apply for the Paycheck Protection Program? At any lending institution that is approved to participate in the program through the existing U.S SBA 7(a) lending program and additional lenders approved by the Department of Treasury.