SBA to resume accepting Paycheck Protection Program applications April 27

Sun, 04/26/2020 - 11:15am

    The Small Business Administration will resume accepting Paycheck Protection Program applications from participating lenders beginning Monday, April 27 at 10:30 a.m.

    This loan provides small businesses, including eligible self-employed individuals, with funds to pay up to eight weeks of payroll costs including benefits, utilities, mortgage interest and rent, according to a news release from the Maine Department of Marine Resources. 

    “These funds will likely go quickly so we urge people to talk with their bank or credit union soon about this loan,” the Department said in a news release. 

    The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.

    The 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, the releases noted.