Paycheck Protection Loans Available
Paycheck Protection Program (PPP) loans, a part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, are available beginning April 3 for businesses, sole proprietorships and 501(c)3s employing under 500 people. Next Friday, independent contractors and self-employed individuals can apply.
PPP Loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward.
How to Apply: You can apply through your locally authorized bank and non-bank lenders. This will typically be your existing banking partner. View the list of approved lenders(PDF, 2MB) in the Small Businesses menu.
1. Verify your business’s eligibility.
2. Review the Prepare, Apply, Comply Guide, which was developed to help businesses navigate the application process.
3. Review the application and gather the necessary materials such as payroll tax filings, proof of lease payments, proof of mortgage payments, and proof of utility payments.
4. Get in contact with your accountant and/or bank that pays out your business’s payroll. Ask your lender if it is authorized to process your Paycheck Protection Program loan.
Did you know that Paycheck Protection Loans can be used for other expenses as well? This blog post from Colorado Lending Source and The Small Business Guide and Checklist from Colorado’s Small Business Development Network can help you learn more about the program.