Paycheck Protection Program for Small Businesses Announced
The U.S. Small Business Administration (SBA) launched its Paycheck Protection Program on Friday, April 3, 2020, to assist small businesses with COVID-19 relief.
If you would like to apply, download the application.
Please note that Bardavon is not able to provide advice on eligibility and application preparation. Go to the SBA website as well as legal counsel and your accountant for help with the application.
- A company applies for this loan through a bank, so send the completed application and any other required materials to your bank officer or relationship manager.
- The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. The loan is attractive since all, or a portion of, the loan is forgivable by the SBA if certain conditions related to maintaining payroll are met. See the SBA website for these requirements.
- Per the SBA, loan applications will begin processing as soon as April 3, 2020 and will be available through June 30, 2020.
- There is a lot of interest in this program and therefore, if you are interested, it is important that you send in your application as soon as possible.
The Paycheck Protection Program is one facet of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. For more information on the CARES Act go to the Guide to the CARES Act.