COVID-19 Business Relief Resources – UPDATED

Applications for forgiveness of Paycheck Protection Program are being accepted. If you received a PPP loan, consult your lender on when to seek forgiveness and which application is right for you. Loans under $150,000 may be forgiven with minimal paperwork and a short form application. https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program

The SBA-funded Paycheck Protection Program has run out of money, at least for now. Additional funding will have to await action by Congress.

Small businesses including sole proprietors and single-member owned companies should explore federal assistance under the CARES Act and through the Small Business Administration. The Paycheck Protection Program (PPP) administered by the SBA and funded through your business lender offered forgivable loans to help you make payroll and cover critical expenses. The Economic Injury Disaster Loan (EIDL) Emergency Advance may pay you up to $10,000 of economic relief that will not have to be repaid. Apply for these programs online. For more details and instructions, see these links.

https://www.sba.gov/funding-programs/loans/coronavirus-relief-options

https://home.treasury.gov/system/files/136/PPP–Fact-Sheet.pdf