Coronavirus Stimulus Package – Paycheck Protection Loans Available Now

April 3 is the opening day for small businesses to apply for the Paycheck Protection Loans (“PPLs”), authorized by the CARES Act, through authorized Small Business Administration (“SBA”) lenders. Remember, that these are loans that may be forgiven if certain requirements are met! Sole proprietors and independent contractors can apply starting April 10. The Treasury Department has issued guidance in the way of an Information Sheet (“IS”) which can be accessed here. In addition, there is a relatively simple 4-page application that needs to be completed and submitted. No collateral and no personal guarantees are required. Details and links to the application, as well as a list of SBA lenders, can be found in the IS. Additional information is also posted on the SBA’s website by clicking here. The program will be open until June 30, 2020, or whenever funds earmarked for this program are fully disbursed, if earlier. As a result, small-business owners need to act immediately.