CARES Act and Paycheck Protection Program


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.  

You can click on this link for the Application and Instructions.  You can click on this link for the associated Borrowers’ Guide

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: 

  • Can reach up to 250% of your average monthly payroll over the last year (up to $10 million)
  • Have a loan term up to 10 years; interest rate at a maximum of 4%; and with a potential 6-month deferral
  • Can be used for employee salaries under $100,000, paid sick or medical leave, insurance premiums, and mortgage, rent and utility payments;
  • May be 100% forgivable, for the principal value of the loan, if used for the above purposes, the employee headcount for the 8-week forgiveness period remains same as compared to 2019, and certain additional conditions are met

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