April 13, 2020
Are You Taking Advantage of Paycheck Protection Program and Economic Injury Disaster Loans?
A key component of the recently passed Coronavirus Aid, Relief, and Economic Security Act (CARES Act) is the Paycheck Protection Program (“PPP”), which authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. These loans are now available from numerous participating lenders.
Complete details on the PPP, including a list of participating lenders, is available on the US Small Business Administration’s (SBA) website here. To find your closest participating lender, click here.
We also included direct links to online applications and PPP landing pages for some large financial institutions below:
The SBA is also offering an Economic Injury Disaster Loan Emergency Advance. The loan advance provides up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties. You can learn more about the EIDL Emergency Advance by visiting the SBA’s website.
We encourage all of our customers and partners to take advantage of this loan program and apply for these funds as they are being fulfilled on a first come, first served basis.