Small Business Relief
The new Paycheck Protection Program is a loan designed to benefit both the small business and its employees by providing direct incentive for small businesses to keep their workers on the payroll.
Through this program, SBA will provide critical capital to businesses without collateral requirements, personal guarantees, or SBA fees – all with a 100% guarantee from SBA. All loan payments will be deferred for six months. Most importantly, the SBA will forgive the portion of the loan proceeds that are used to cover the first eight weeks of payroll costs, rent, utilities, and mortgage interest. 8 wks of expenses forgiven.
This loan program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses.
Any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organizations, 501(c)(19) veterans organizations, or Tribal businesses, described in the Small Business Act (PDF), that have been affected by coronavirus/COVID-19, are eligible and encouraged to apply for this loan so long as they meet program SBA size standards (SBA).
The Paycheck Protection Program will be available through June 30, 2020.
How To Apply
You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program.
Lenders may begin processing loan applications as soon as April 3, 2020.
To begin preparing your application, you can download a sample form (PDF) to get a head start on the type of information that will be requested from you.
NEW PPP Loan FAQ (PDF) updated April 26
Find an Eligible Lender (SBA)
NEW List of MN Lenders Participating in PPP (PDF) added April 27
*information provided for convenience and is subject to change due to evolving nature of the situation