Much anticipated guidelines for the Paycheck Protection Program of the CARES Act were released by the Small Business Administration (SBA) late yesterday. SBA provides that lenders may begin processing applications as soon as April 3. Important details, as outlined on the SBA website, include: This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by coronavirus/COVID-19. 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 in the program. If you wish to begin preparing your application, you can download a sample form to see the information that will be requested from you.

Download a sample form.