Key Highlights
- Even if you’ve already laid off staff, apply for Paycheck Protection Plan
- As sole proprietor, YOU ARE ELIGIBLE for Paycheck Protection Program
- If you’ve not already done so, APPLY NOW
The Paycheck Protection Program under the auspices under the Small Business Administration is FOR YOU AS AN INDEPENDENT CONTRACTOR AND SELF-EMPLOYED PERSON.
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This $349B loan program is designed to “cushion” the economic blow waged by the coronavirus. The program provides up to $10M in forgivable loans to small businesses with 500 or fewer, or even just you, employees. It is meant to fund business expenses such as payroll, rent and utilities. Click this link for guidance:
https://home.treasury.gov/system/files/136/PPP–Fact-Sheet.pdf
Kayla Tausche from CNBC reported that loans likely to be available by mid-next week. Rob Nichols, the president and CEO of the American Bank Association, said, “We should all remember that this is an unprecedented expansion of SBA lending that will take some time before it’s fully functioning.” In English, this means that banks need more time to fully digest what they are supposed to be doing.
Despite some lenders “not being ready to hand out money” through this program, as of early Friday morning, April 10, lending institutions made more than 2,300 loans worth more than $889M, according to Jovita Carranza, SBA administrator on Twitter,
Steve Munchin, US Treasury Department Secretary, said on Saturday after giving more guidelines to SBA lenders and other federally insured depository institutions that lenders will be able to “get the money out same day.”
Realistically, “same day” may be the beginning or middle of next week.
The bottom line message here…APPLY AND BE PERSISTENT!!!
Thanks to CNBC.
Also read: Podcast: Gov’t Bailout Programs Running Out of Cash? | Real Estate Brokers & Agents Fearing Failure, Lenders Bracing for Biggest Wave of Delinquencies in History, Podcast: Time Is Running Out For Gov’t Programs | SBA Programs For Agents
