Coronavirus Emergency Loans – What You Need to Know About the CARES Act SBA Paycheck Protection Program

Program Overview (from SBA.Gov)

The Paycheck Protection Program is a loan 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.

Borrowers must certify that their business has been affected by the coronavirus slowdown. And businesses must have been in operation as of Feb. 15 to be eligible to apply.

The Paycheck Protection Program will be available through June 30, 2020.

Who Can Apply

This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organizations or 501(c)(19) veterans organizations affected by coronavirus/COVID-19.

Below are some amazing resources that Amazon Sellers should refer to as they figure out if they qualify for the PPP. Click through the for references and download the Checklist Guide Below AND the sample application.

I filled out my application this morning, and it was simple enough to follow. You should also make sure your bank is listed as one of the 1,800 banks that already offer Small Business Administration loans.

Best of Luck To You All, and Keep After Your Amazing Freedom!

~Andy

SBA CARES Act Guide

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