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Posted on: April 3, 2020

CARES Act temporarily adds the “Paycheck Protection Program” to the SBA’s 7(a) Loan Program

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CARES Act temporarily adds the “Paycheck Protection Program” to the SBA’s 7(a) Loan Program

The Paycheck Protection Program loan applications just rolled out today, April 3, 2020. These loans are fully forgivable if guidelines are followed.

The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.

The SBA will forgive loans if all employees are kept on the payroll for eight weeks, and 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.

Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.

Employers can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program.

This loan has a maturity of 2 years and an interest rate of 1%.

The Paycheck Protection Program will be available through June 30, 2020.

Employers and lenders may visit the U.S. Department of the Treasury’s website at https://home.treasury.gov/ for more information and loan applications.



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