REMINDER: At 11:59 p.m. EDT today, June 30, 2020, SBA Capital Access Financial Systems (CAFS), including E-Tran and SBA Connect, will no longer accept Paycheck Protection Program (PPP) borrower applications from participating PPP lenders. SBA CAFS will continue to accept and process regular 7(a) and 504 loan applications.
The Paycheck Protection Program (PPP) is an SBA loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis.
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.
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.
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