[UPDATED 4/17/2020] The funds appropriated for the Paycheck Protection Program have now been exhausted, and no further applications will be accepted unless Congress appropriates additional funds for the program.
Applications are now open for the Small Business Administration’s Paycheck Protection Program (PPP), which is part of the federal relief package. The program provides small businesses with zero-fee loans covering 8 weeks of salary plus an additional 25% to cover other operating expenses for up to 8 weeks.
These loans will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). The interest rate on unforgiven funds is 1.00% fixed over a two-year term, with payments on principal and interest deferred for six months.
The program is administered through banks and other federally-approved lenders.
To apply through a bank, employers will typically need a pre-existing business lending and deposit relationship, and provide details of 2019 payroll as reported to the IRS, 1099-MISC payments to independent contractors, a 2020 payroll report. (Full details here [pdf].) Applications are online-only.
Bank websites for the SBA PPP (will be updated as banks provide details):
Bank of America: https://about.bankofamerica.com/promo/assistance/latest-updates-from-bank-of-america-coronavirus/small-business-assistance
Wells Fargo: http://www.wellsfargo.com/paycheckprotectionprogram (no longer accepting applications)
SunTrust/BB&T (Truist): https://www.truist.com/coronavirus-response/banking-solutions/business?icid=PaymentRelief_SmallBusiness_HomepageAlert_TruistSmallBusiness
HomeTrust Bank (via Kabbage): https://business.htb.com/sba-assistance-programs/
FirstCitizens Bank: https://www.firstcitizens.com/paycheck-protection-program
TD Bank: https://www.td.com/us/en/small-business/covid-sba/#/ppploan
PNC Bank: https://www.pnc.com/en/customer-service/paycheck-protection-program.html