US SBA Paycheck Protection Program Information

The U.S. Department of Treasury has released more information on the Paycheck Protection Program (PPP).

The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses.

Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.

Under this program:

• Eligible recipients may qualify for a loan up to $10 million determined by eight weeks of prior average payroll plus an additional 25% of that amount.
• Loan payments will be deferred for six months.
• If you maintain your workforce, SBA will forgive the portion of the loan proceeds that are used to cover the first eight weeks of payroll and certain other expenses following loan origination.

Program details:

• For a top-line overview of the program CLICK HERE
• If you’re a lender, more information can be found HERE
• If you’re a borrower, more information can be found HERE
• The application for borrowers can be found HERE

If you are interested in applying for the Paycheck Protection Program, please contact your financial institution to see if they are an SBA lender, or would like to become one. A current list of SBA lenders in South Carolina can be found starting on page 29 of the South Carolina Small Business Resource Guide.

Please continue to check sba.gov/coronavirus for more details and information.

SBA South Carolina District Office
1835 Assembly St., Suite 1425
Columbia, SC 29201
Phone: (803) 765-5377
www.sba.gov/sc

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