How to Apply for a Small Business Loan Through the Coronavirus Stimulus Package

Small businesses across the country have taken a big hit amid the coronavirus pandemic, as stay-at-home orders and social distancing guidelines have meant many have shut their doors, laid off employees or even ceased operations.

Several large companies and cities across the country are offering some respite to small businesses by launching grant programs to keep them afloat. The federal government also launched the Paycheck Protection Program, a $350 million fund for direct business loans as part of the $2 trillion Coronavirus Stimulus Package signed into law last month by President Trump.

Here, WWD breaks down the specifics of how to apply for the Paycheck Protection Program as a small business owner, including which businesses are eligible, where to apply and how to receive total loan forgiveness.The U.S. Small Business Administration’s web site states that those eligible for the Paycheck Protection Program are businesses with fewer than 500 employees.

Businesses can apply for the small business loan through any existing U.S. Small Business Administration lender or through any federally insured depository institution, federally insured credit union or Farm Credit System institution. Participating lenders vary by state, so be sure to check http://www.sba.gov/partners/lenders/microloan-program/list-lenders to find the nearest bank or participating financial institution to get started.

A business will owe more on a loan, if not the full amount, received through the program if it initiates layoffs or cuts employee pay.What Are People Shopping for During the Coronavirus Pandemic?

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