Paycheck Protection Program/SBA Loans: The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses that maintain their payroll during this emergency. On March 31, the Treasury Department released the application for the SBA 7(a) Paycheck Protection Program (PPP) loans, which you can access here. [If that link is not working, please check back – it can be overwhelmed] Treasury also released a summary guide of the program for borrowers, here. NAR has created this helpful SBA CARES Act FAQs.
IMPORTANT NOTE: Small businesses and sole proprietors can apply beginning April 3; independent contractors and the self-employed can apply beginning Friday, April 10. Applications go directly to SBA lenders, which you can find through the SBA site here.