Small Business Guide and Checklist for Coronavirus Emergency Loans

The Coronavirus Aid, Relief, and Economic Security (CARES) Act
 allocated $350 billion to help small businesses keep workers
 employed amid the pandemic and economic downturn. Known
 as the Paycheck Protection Program (PPP), the initiative provides
 100% federally guaranteed loans to small businesses.

Importantly, these loans may be forgiven if borrowers maintain
 their payrolls during the crisis or restore their payrolls afterward.

 The administration has released initial guidelines; they are
 available at http://www.treasury.gov. The U.S. Chamber of Commerce
 has issued this guide to help small businesses and self-employed
 individuals check eligibility and prepare to file for a loan.

 Small businesses and sole proprietors can begin applying on
 April 3. Independent contractors and self-employed individuals
 can apply beginning on April 10.

You can apply through any existing SBA 7(a) lender or through any
 federally insured depository institution, federally insured credit
 union, and Farm Credit System institution that is participating.
 Other regulated lenders will be available to make these loans
 once they are approved and enrolled in the program. You should
 consult with your local lender as to whether it is participating.

 While the program is open until June 30, 2020, the government is
 advising borrowers to apply as soon as possible given the loan
 cap on the program.