The Paycheck Protection Program, authorized under the Coronavirus Aid, Relief and Economic Security Act (CARES Act), prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses. Small businesses and eligible nonprofit organizations, agricultural producers, veterans organizations and tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible for assistance if they also meet program size standards.
Businesses are eligible for the loans if they have fewer than 500 employees, meet the definition of a “small business concern” and are subject to the Small Business Administration’s (SBA) affiliation rules (unless those rules were specifically waived in the CARES Act).
Below are several resources on the program:
- For a top-line overview of the program, click here (https://home.treasury.gov/system/files/136/PPP%20–%20Overview.pdf)
- If you’re a borrower, more information can be found here (https://home.treasury.gov/system/files/136/PPP–Fact-Sheet.pdf)
- Paycheck Protection Program – Applicable Affiliation Rules (https://home.treasury.gov/system/files/136/Affiliation%20rules%20overview%20%28for%20public%29.pdf)
- Find an eligible lender (https://www.sba.gov/paycheckprotection/find)
- Frequently asked questions (https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Frequenty-Asked-Questions.pdf)
For questions on the Paycheck Protection Program, the best point of contact is the lender relations specialist in your local SBA field office.