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.
Click to download PPP Overview
Click to download Borrower Information
Click to download PPP Application Form