The Paycheck Protection Program (PPP) through the U.S. Small Business Administration opens today (Friday, April 3). The PPP is a loan program to help businesses keep their workforce employed during the COVID-19 (coronavirus) crisis.
Who Can Apply
- This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organization affected by coronavirus/COVID-19.
- Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries.
- Small businesses in the hospitality and food industry with more than one location could also be eligible if their individual locations employ less than 500 workers.
For more details and to find a lender, click here.
Individuals classified as 1099 employees may begin applying next week on Friday, April 10.