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All businesses with 500 or fewer employees, including nonprofits, veterans organizations, Tribal business concerns, sole proprietorships, self-employed individuals, and independent contractors – can apply for loans that may be forgiven. Businesses in certain industries can have more than 500 employees if they meet applicable SBA employee-based size standards for those industries
The Department of Treasury has released the Paycheck Protection Program Application and explanatory information explaining how to complete the application process. Additional information regarding other programs and assistance can also be found on the Treasury Department’s website.
While most banks and credit unions should be able to process your program Application, you should verify that your existing bank intends to support the program and, if not, potentially seek out another lender willing to meet the program requirements, which for lenders can be found here Lenders’ Guide.
As a reminder, a forgivable loan from this program:
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