Paycheck Protection Program
April 1, 2020
The Federal government has allocated nearly $350 billion to help small businesses keep workers employed during and after the COVID-19 pandemic through the Coronavirus Aid, Relief and Economic Security (CARES) Act. The initiative is known as the Paycheck Protection Program.
Small businesses, 501(c)(3) non-profits, sole proprietors, independent contractors, self-employed individuals, Tribal business concerns and 501(c)(19) Veterans organizations that meet the SBA criteria for eligibility may qualify for the Paycheck Protection Program through approved community lenders like RSI Bank.
Applications may be submitted April 3 - June 30, 2020.
Updated as of April 16, 2020: The Small Business Administration announced funding for the Paycheck Protection Program has been exhausted and the SBA is currently not accepting applications for PPP loans at this time.
Updated as of April 27, 2020: The Small Business Administration began accepting applications for Round 2 funding of the Paycheck Protection Program at 10:30 AM on Monday, April 27, 2020. Unfortunately, due to heavy volume on the SBA site, the likelihood of success is low for applications not already in queue.