As part of the stimulus package just signed by President Trump, SBA loans are available beginning today designed to provide a direct incentive for small businesses to keep their workers on the payroll.
SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
A business 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.
The Paycheck Protection Program will be available through June 30, 2020. Full details at the website.