All Small Businesses Need to Apply for the Payment Protection Program on April 3, 2020
What is it? An SBA loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis.
The program is designed to provide small businesses access to capital for payroll and other overhead costs.
The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.
More information: U.S. Small Business Administration