Beginning April 3, 2020, both small business and sole proprietorships can apply for loans under the Paycheck Protection Program (PPP) of the CARES Act through existing SBA lenders. Starting April 10, 2020, independent contractors and self-employed individuals will be able to apply for the PPP loans through SBA lenders as well.
The U.S. Treasury website has a some important resources we want to share with you:
- Paycheck Protection Program Information Sheet for Lenders
- Paycheck Protection Program Information for Borrowers
- Paycheck Protection Program Application Form
Please note additional regulated lenders will be able to make these loans once they are approved and enrolled in the PPP program.
We encourage all potential PPP loan candidates to reach out to their SBA lender or current banker to begin the application process as quickly as possible. The PPP program will have a funding cap and demand is expected to be very high.
Please visit ML&R’s dedicated COVID-19 page for additional information and resources regarding the Paycheck Protection Program and other provisions of the CARES Act.