- Small businesses with 500 or fewer employees-including self-employed individuals, sole proprietorships, and independent contractors-are eligible to apply. Larger businesses are eligible in certain industries.
- Starting April 3, 2020, small businesses and sole proprietorships can apply. Starting April 10, 2020, independent contractors and self-employed individuals can apply.
- You must confirm that your business needs financial relief because it was impacted by Coronavirus events.
- The loan will require no collateral or personal guarantees.
- Generally the loan amount will be based on 2.5 times your average monthly payroll costs (which includes benefits and state and local taxes), for salaries up to $100,000 per year.
- The loan amounts are eligible for forgiveness as long as (1) the proceeds are used to cover payroll costs, mortgage interest, rent, and utility costs over the 8 week period after the loan is made; and (2) employee and compensation levels are maintained.
- The fixed interest rate is 0.5% and payments on the loan are deferred for at least six months.
- Although the program is open until June 30, 2020, applicants are encouraged to apply as quickly as you can because there is a funding cap.
- Applicants are encouraged to apply through their business bank, and a copy of the application is here.
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