Kitchen Table Economics

NEW DETAILS: Treasury Department Releases Guidance for Small Business Loans

Updated with New Paycheck Protection Program Application 

The Treasury Department released details about how small businesses can apply for the Paycheck Protection Program—which provides $349 billion in forgivable loans to businesses employing fewer than 500 people. The program—which is part of the CARES Act that was passed and signed into law last week—will help America’s small business entrepreneurs face the challenging economic conditions sparked by the coronavirus outbreak. To expedite the process, the loans will have same-day approval.

Small businesses—including sole proprietors—can begin applying for the financial relief on April 3, 2020. Independent contractors and self-employed individuals can begin applying on April 10, 2020. The program will be open until June 30, 2020, but small businesses are encouraged to take advantage of the financial relief as soon as possible.

Bank Resources for the PPP:

Bank of America

PNC Bank

Ameris Bank

Old National 

Fifth Third Bank