Coronavirus Update: Small Business
Loans
The Coronavirus Economic Recovery Package allocated $340
billion to the creation of a new loan program, the Paycheck Protection
Program (PPP), which will provide 100% federally guaranteed
and forgivable loans (grants) to small businesses who
retain their employees or restore employees who were fired after February
15.
Small businesses and eligible nonprofit
organizations, Veterans organizations, and Tribal businesses described in the
Small Business Act, as well as individuals who are self-employed or are
independent contractors, are eligible if they also meet program size
standards.
Follow the following links below for more
information:
- High-Level
Summary of the Paycheck Protection Program: HERE
- Information for Lenders: HERE
- Information for
Borrowers: HERE
- Application for Borrowers: HERE
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Steve Daines
United States Senate
