Paycheck Protection Program Loan
What is the Paycheck Protection Program?
On April 3, the Small Business Administration announced the Paycheck Protection Program (PPP) Loan, approving a second round of funding on April 23. This loan is designed to help small businesses retain employees throughout and after the COVID-19 crisis. The SBA will forgive the loan for eligible borrowers if employees are kept on payroll for eight weeks and the loan funds are used for payroll, rent, mortgage interest, or utilities. Because of the streamlined requirements, more small businesses will qualify for the loan than previous SBA loan options.
Things to know:
- Your business (or nonprofit) had to be in operation as of February 15, 2020; AND
- You’re an independent contractor or sole proprietor; OR
- Your business has either employees or independent contractors for who are on payroll.
How to Apply?
To make the process as simple as possible for our members and local businesses, SC Telco has joined forces with Lendio. Lendio is a reputable-lending platform that specializes in small business loans and provides a streamlined online application to assist in processing the loan.
Note: By clicking Get Started, you will be taken to a third-party site that provides services to our members but have their own terms and conditions of use, accessibility standards, and privacy and security policies, which may differ from SC Telco. Please review their policies, terms and notices for more information. SC Telco does not operate or monitor their site, nor is responsible for the information, products or services offered.