Act now: PPP program ADDED $310 billion available on first-come, first-served basis
WHAT IS IT?
U.S. Small Business Administration (SBA) Paycheck Protection Program
Two-year loans at 1% interest that you may not have to pay back
Loan is designed to encourage for small businesses to keep their workers on the payroll
SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities
Businesses and nonprofits with 500 or fewer employees
HOW DO YOU GET IT?
Ask your business’s bank if they offer the federal SBA Paycheck Protection Program
If your bank offers the program: They will walk you through the application process
If your bank does not offer the program: View a list of traditional SBA banks
WHAT DOES THE LOAN COVER?
Loans will be fully forgiven if the funds are used to pay for:
WANT MORE INFO OR ADVICE?
Visit the federal government's information page on the program
Visit the SBA's Paycheck Protection Program website
There are Small Business Centers to help you: Visit the New York Small Business Development Center website
Paycheck Protection Program Outreach Information Translations