BREAKING: With $349 billion in emergency #smallbusiness capital cleared, SBA and @USTreasury begin unprecedented public-private mobilization effort to distribute funds. #COVID19
The #CARESAct established the new $349 billion Paycheck Protection Program, which is specifically designed to help small businesses keep their workforce employed.
The Paycheck Protection Program will be available retroactive from Feb. 15, 2020, so employers can rehire their recently laid-off employees through June 30, 2020.
Eligible businesses: All businesses, including non-profits, Veterans organizations, Tribal concerns, sole proprietorships, self-employed individuals, and independent contractors, with 500 or fewer employees, or no greater than the number of employees set by SBA size standards.
The maximum loan amount is up to $10M. All loans under this program will have:
✔️Interest rate of 0.5%
✔️Maturity of 2 years
✔️First payment deferred for six months
✔️100% guarantee by SBA
✔️No collateral
✔️No personal guarantees
✔️No borrower or lender fees payable to SBA
✔️Interest rate of 0.5%
✔️Maturity of 2 years
✔️First payment deferred for six months
✔️100% guarantee by SBA
✔️No collateral
✔️No personal guarantees
✔️No borrower or lender fees payable to SBA
Learn more about the Paycheck Protection Program and how to apply. ▶️sba.gov/coronavirus 
