Coronavirus Emergency Loans Guide and Checklist for Small Businesses and Nonprofits – U.S. Chamber of Commerce Foundation
UPDATE March 31, 2020: The Treasury Department has more details and an Paycheck Protection Program loan application available for download.
Starting April 3, small businesses and sole proprietorships can apply for loans through existing SBA lenders. Starting April 10, independent contractors and self-employed individuals can apply for loans 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. Visit www.sba.gov for a list of SBA lenders. There is a funding cap, so the Treasury Department recommends applying as soon as possible.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses and nonprofits keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to eligible organizations.
Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward.
The U.S. Chamber of Commerce has issued this guide to help organizations understand what to expect and prepare to file for a loan.