The U.S. Small Business Administration (SBA) is offering a Paycheck Protection Program which gives businesses a loan to keep their workers on the payroll. This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by coronavirus/#COVID19. Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries. Small businesses in the hospitality and food industry with more than one location could also be eligible if their individual locations employ less than 500 workers.
The SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. You can apply for this loan through any existing SBA 7(a) lender, federally insured credit union, or a federally insured bank. The loan application is available now and the program will be available through June 30, 2020.
For more information and for other COVID-19 relief programs please visit