The U.S. Treasury Department released guidance for applying for Paycheck Protection Program loans, noting that small businesses and sole proprietors can begin applying April 3, and self-employed and independent contractors can begin April 10.
The Paycheck Protection Program (PPP) is part of the $2 trillion U.S. CARES Act to help businesses through the COVID-19 crisis. It has $349 billion available in loans for small businesses. The Hardwood Federation recommends businesses consult accountants and lending institutions as soon as possible to prepare for the application process.
“Demands for these funds will be stiff,” the Federation stated.
Guidance from the Small Business Administration can be found here, and guidance from the Treasury Department can be found here. The PPP application form can be found here.
For more details about PPP and other loan options available from the federal government during the crisis, go here.
