The U.S. Small Business Administration has launched the Paycheck Protection Program

 The U.S. Small Business Administration has launched the Paycheck Protection Program which provides forgivable loans to small businesses left financially distressed by the Coronavirus pandemic.

The loans are designed to help small businesses who are struggling to meet payroll and day-to-day operating expenses because of COVID-19.

The loans are 100% backed by SBA, and are being provided to small businesses without collateral requirements, personal guarantees, SBA fees, or credit elsewhere tests.

Those eligible for the program include small businesses, certain non-profits, veterans’ organizations, self-employed individuals, and independent contractors.

Eligible expenses for the money includes payroll costs, mortgage interest and rent payments, and utilities.

The program is being administered at the local level by a national network of banks and credit unions,

If you want to find out more about the program go on-line to http://www.SBA.gov/Coronavirus.

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