The Paycheck Protection Program (PPP) application process will roll out in two phases, one week apart. As a reminder:
- On April 3, 2020, small businesses and sole proprietorships can begin applying for these loans through their SBA lender.
- NOTE: At 12:01 AM, on April 3, the SBA website will go live to accept PPP applications. It is vital to submit your completed application to your SBA lender today as your lender will be able to process your application tonight.
- On April 10, 2020, independent contractors and self-employed individuals can begin applying. The SBA advises that all businesses should “apply as quickly as you can because there is a funding cap.”
Check out the U.S Chamber’s Small Business Loan Guide for more details on PPP or our COVID-19 Blogs.
Businesses can submit their application to any existing SBA-approved private lender or through federally insured depository institutions, federally insured credit unions, or Farm Credit System institutions that are participating.
What should I do now?
You should first reach out to your lender IMMEDIATELY if you haven’t already to find out if they are taking part in the program. If not, we do have a list of SBA-approved lenders that may be able to help.
We are here for your support. Please contact your Accountant with any questions and we’ll walk you through the process.
Be safe and stay healthy.