Paycheck Protection Program: SBA Application and Treasury Information Sheet ReleasedApril 1, 2020
The Small Business Administration (SBA) released a loan application for the Paycheck Protection Program. The Treasury Department also released a helpful information sheet. Small businesses and sole proprietorships may apply to receive loans through existing SBA lenders beginning April 3, 2020. Independent contractors and self-employed individuals can apply starting April 10, 2020.
Please note a few updates that are part of the Paycheck Protection Program:
- The interest rate on the loan is 0.5% for a period of two years.
- According to the application form instructions, most applicants will use the average monthly payroll for 2019.
- It is anticipated that no more than 25% of the forgiven amount may be for non-payroll costs.
We will provide additional information as it becomes available. If you need help calculating the maximum loan amount, estimated loan forgiveness amounts or any other assistance as you prepare your application, please email our Response Team. You may also visit our Pandemic Resource Center for additional updates and guidance on the coronavirus (COVID-19).