How Can I Get a Paycheck Protection Program Loan?

One of the key provisions of the landmark CARES Act is the Paycheck Protection Program. Congress allocated $350 billion to this program enabling the Small Business Administration to provide loans to small business owners. The loans are fully guaranteed by the federal government. If you are interested in applying for a loan through the Paycheck Protection Program, here is the application in a fillable PDF format.  Objective of the Paycheck Protection Program The primary objectives of the Paycheck Protection Program include: Provide assistance to businesses so they can retain their employees; and Help businesses cover near-term operating expenses during the Coronavirus pandemic. Who is Eligible for a Loan Through the Paycheck Protection Program In evaluating the eligibility of a borrower through this program, a financial institution is required to consider two prerequisites: (i) whether the borrower was operational as of February 15, 2020 and (ii) whether the borrower had employees or independent contractors for whom...