The Paycheck Protection Program is a forgivable loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. The Small Business Association will forgive loans if used for expenses related to payroll, rent, mortgage interest, or utilities.
Starting April 10th, independent contractors and self-employed individuals can apply. Officials are encouraging business owners to apply as quickly as possible because there is a funding cap. The Paycheck Protection Program will be available through June 30, 2020. You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating.
Author: Prasanna Haresh Patil