Applications now open for Paycheck Protection Program
Tennessee small businesses, independent contractors and self-employed individuals adversely affected by the economic downturn of the COVID-19 pandemic can begin to apply for forgivable loans through the Small Business Administration.
The Small Business Administration launched its $350 billion Paycheck Protection Program as part of a $2 trillion federal stimulus package. These forgivable loans are designed to provide incentives to small businesses with 500 or fewer employees to keep their employees on the payroll.
Applications for small businesses and sole proprietorships opened April 3.
Tennessee’s independent contractors and self-employed individuals can apply beginning April 10.
“Small business is the lifeblood of Tennessee’s economy and they’re really hurting right now,” said State Rep. Mary Littleton, R-Dickson. “There are resources available that can provide relief for local business owners, independent contractors and those self-employed in our community while we try to deal with the Coronavirus pandemic”
The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.
For information about how to apply and a list of participating lenders can be found at www.sba.gov.
For the U.S. Treasury’s Paycheck Protection Program fact sheet visit here.