The U.S. Small Business Administration (SBA) is offering loans through the Paycheck
Protection Program (PPP), which provide relief to small businesses suffering from the economic impacts of the coronavirus pandemic. These loans are fully forgivable if all employees are kept on the payroll and the money is used for payroll, rent, mortgage interest, or utilities.
Businesses with fewer than 500 employees (or otherwise meeting the SBA's industry size standards), including sole proprietors, independent contractors, and self-employed persons, are eligible to apply for the PPP.
Businesses 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. This includes many banking institutions in St. Charles.
To see a list of participating lendors, view this list complied by the SBA.
Keep in mind, the first round of PPP funds ran out in less than two weeks, so interested applicants are encouraged to get their applications submitted as soon as possible. The program began accepting applications again on Monday, April 27, 2020. The application is available to preview online in order to prepare for consultation with an eligible lender. For more information, visit the SBA's website.