Small Business Loans

Here are a few quick bullet points for small businesses from The Wall Street Journal about the Paycheck Protection Program:

  • Where to apply?

    • The loans will be available at all federally insured banks and credit unions along with other lenders approved for SBA guaranteed loans

    • Small business and sole proprietors can start applying today

    • Independent contractors and self employed individuals can begin applying April 10th

  • When will you receive funds?

    • Loans may be approved as soon as the same day according to U.S. officials though it could take longer

    • Officials urge businesses to apply as soon as possible because lenders need time to process loans and the program has a funding cap of $349 billion

  • How much can I borrow?

    • Loans can be for as much as two months of your average monthly payroll costs from the past year, plus an additional 25% of that amount. The loan amount is capped at $10 million


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