Home / Paycheck Protection Program Reference

Paycheck Protection Program Reference

April 13, 2020 | COVID-19

CARES Act – Coronavirus Aid, Relief, and Economic Security Act enacted March 27, 2020 PAYCHECK PROTECTION PROGRAM FOR SMALL BUSINESSES AND SOLE PROPRIETORS

CAUSE
Under good-faith certification that the loan is necessary due to uncertain economic conditions caused by COVID-19

WHO
Small businesses, including sole proprietors, may apply for a loan through the Paycheck Protection Program. Self-employed individuals may apply April 10 and it is a first-come, first-serve basis. The loan amount is restricted to a formula and is eligible for forgiveness. Here is some guidance and resources to help:

Resources for sole proprietors:

Small Business Guidance & Loan Resources
sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources

Coronavirus Funding Options – SBA loan and debt relief options:
sba.gov/funding-programs/loans/coronavirus-relief-options

Disclosure: This is for informational purposes only. Please seek advice from your advisor or tax professional. Information may change.