Small Business Administration’s Paycheck Protection Program Begins

The United Fresh Produce Association send out the following information April 2, 2020:

The Small Business Administration’s $350 Billion New SBA 7(a) Paycheck Protection Program is due to go into effect.

Beginning April 3, small businesses under 500 employees and sole proprietorships can apply.

While it’s expected there may likely be some confusion among banks in the initial application period, we do urge you to apply as soon as possible. Although $350 billion is an awful lot of money, it is a limited pot with a tremendous need across the U.S. economy.

For information about the Paycheck Protection Program and all SBA loan programs that may be available, please click on any of the links on our webpage.

Information is changing rapidly, so please continue to refer to our updated resources as well as these helpful government sites for the latest, most up-to-date information.

COVID Lending Programs:

• $10 Billion for the Enhanced SBA 7(b)(2) Economic Injury Disaster Loans (EIDL)

• $350 Billion for the New SBA 7(a) Paycheck Protection Program
o Starting April 3, 2020, small businesses and sole proprietorships can apply.
o Starting April 10, 2020, independent contractors and self-employed individuals can apply.

• $20.5 Million Additional for USDA’s Rural Business-Cooperative Service Loan Guarantees

• Middle Market Program
o CARES Act targets $500 billion facility at the Department of Treasury to make loans, loan guarantees, and other investments to eligible businesses, States, and municipalities for losses related to coronavirus.

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