The Small Business Administration has resumed accepting Paycheck Protection Program applications from participating lenders as of Monday — and Kane County’s Development and Community Services Department is strongly encouraging local businesses to apply.
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.
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.
Here are some resources spotlighted by the Kane County Development and Community Services Department.
- Frequently Asked Questions for Lenders and Borrowers
- How to Calculate Loan Amounts
- Affiliation rules applicable for the Paycheck Protection Program
- The Interim Final Rule for Applicable Affiliation Rules for the Paycheck Protection Program as posted inthe Federal Register.
- Frequently Asked Questions for Faith-Based Organizations Participating in the Paycheck Protection Program and Economic Injury Disaster Loan Program