Important update about the Paycheck Protection Program
From the Small Business Association:
The Paycheck Protection Program (PPP) is a loan designed to provide a direct incentive for small businesses to keep their workers on payroll. Borrowers may be eligible for PPP loan forgiveness.
SBA is currently offering PPP loans originated only by participating community financial institutions including Certified Development Companies (CDCs), SBA Microlenders, Community Development Financial Institutions (CDFIs), and Minority Depository Institutions (MDIs) until May 31, 2021 or until remaining funds are exhausted. Please note that not all community financial institutions are participating in PPP.
1. Find an eligible lender that is participating in PPP:
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.
Second Draw PPP loans: If you have previously received a PPP loan, certain businesses are eligible for a Second Draw PPP loan.
SBA also offers additional COVID-19 relief.