Paycheck Protection Program loans are farther reaching than SBA disaster loans. Small businesses, sole proprietorships, independent contractors, and self-employed individuals are all eligible.

Who is eligible for SBA paycheck protection program?

All Small Businesses Eligible Small businesses with 500 or fewer employees—including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors— are eligible.

Can a sole proprietor get an SBA loan?

Starting April 3, 2020, small businesses and sole proprietorships can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders. Other regulated lenders will be available to make these loans as soon as they are approved and enrolled in the program.

What is the SBA paycheck protection program?

What is the PPP loan and how is it calculated? The PPP (Paycheck Protection Program) is an emergency disaster loan program administered by the SBA designed to provide funds to small businesses with under 500 employees who were affected by the 2020 Coronavirus epidemic.

How to get a PPP loan from SBA?

SBA is currently offering PPP loans until May 31, 2021. President Biden announced program changes to make access to PPP loans more equitable. 1. Find a lender: Get matched with a lender; Search for lenders in your area; 2. Identify a loan: First Draw PPP loans: If you have not received a PPP loan before, First Draw PPP loans are available to you.

Who is eligible for the Paycheck Protection Program?

The Paycheck Protection Program (PPP) provides loans to help businesses keep their workforce employed during the Coronavirus (COVID-19) crisis. Borrowers may be eligible for PPP loan forgiveness. 1.

Is the Paycheck Protection Program a safe harbor?

See my blog Paycheck Protection Program News: SBA Provides Good-Faith Certification Safe Harbor To Support Loans. The passage of the CARES Act has made available $349 billion [increased to $659 billion on Apr. 24] in potentially forgivable loans to small businesses (500 employees or fewer) via the Paycheck Protection Program (PPP).