On March 31, 2020, additional guidance was issued relating to the paycheck protection loans available to businesses, sole proprietors and independent contractors under the CARES Act including:
Small businesses and sole proprietorships can apply starting April 3, 2020 and independent contractors and self-employed individuals can start applying on April 10, 2020. We strongly encourage you to act now and apply as quickly as you can because funds for these loans are limited.
A few items relating to the loans are now clarified:
- Interest rate is .5% and all payments are deferred for 6 months
- Loan term is 2 years
Follow the steps below to get started now!
Here are some useful Paycheck Protection Program (PPP) resources from the U.S. Treasury Department.