UPDATE: The SBA Paycheck Protection Program: what it is, and how to apply

[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.

Original Post:

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.

Mountain BizWorks has been approved as a lender for the PPP program: you can apply through its website.

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