Lenders will start accepting Paycheck Protection Loan applications today from small businesses and sole proprietors.
Independent contractors and self-employers can apply starting April 10.
According to Pikes Peak SBDC, the PPP program provides potentially forgivable loans in amounts to cover 2.5 months of payroll or $10 million, whichever is less.
To apply for a PPP:
- Review the application and gather materials such as payroll tax filings, proof of lease payments, proof of mortgage payments, and proof of utility payments.
- Get in contact with your accountant and/or bank that pays out your payroll. Ask your lender if it’s authorized to process your PPP loan.
- If you’re not connected to an authorized lender, you can search for an eligible lender here. If you’re unable to find an eligible lender, you contact the Colorado SBA District Office.
The PPP is a part of the CARES Act signed into law last week. The SBDC encourages businesses to review all grants and loans now available through the CARES Act.
- Economic Injury Grant (Note: You must opt in to the grant while completing loan application)
- Economic Injury Disaster Loan
- Paycheck Protection Program
- SBA Express Bridge
The SBDC advises that a business can still wait to accept a product, loan, or grant even after it applies and is approved.
“Depending on your situation, a prudent action would be to apply to multiple products and as you weigh your options and learn more of the intricacies of how they interact together, you can then make additional informed decisions on how you will choose to use and expend each of the grants and loans,” according to the SBDC.
For more information: