COLORADO SPRINGS, Colo. (KRDO) -- Starting April 3rd, small business and sole proprietorships can apply for and receive loans to cover their payroll and other expenses through existing SBA lenders.
The Paycheck Protection Program (“PPP”) authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis.
Business with less than 500 employees can apply, and small businesses must apply by June 30, 2020.
The loans can be used for payroll costs, including benefits, interest on mortgage obligations (incurred before February 15, 2020), rent, under lease agreements in force (before February 15, 2020); and utilities (for which service began before February 15, 2020).
For more information or to apply for PPP, visit the Small Business Administration's website.