Help is on the way for #SmallBiz thanks to the #CARESAct! @USTreasury has released new Paycheck Protection Program guidance documents for borrowers and lenders.
#InItTogether 1/

Starting Friday, small businesses can begin to apply for loans to cover payroll, mortgage obligations, rent, and utilities. On April 10, independent contractors and self-employed individuals are eligible to apply. 2/

These loans will be forgiven as long as they are used for payroll, mortgage, rent, and utilities over the 8-week period after the loan is made and employee headcount and compensation levels are maintained or quickly restored. 3/

#SmallBiz can apply through existing SBA-certified lenders or any federally insured depository institution (including banks, credit unions, and other financial institutions). 4/

The Paycheck Protection Program is open to all small businesses, 501(c)(3) nonprofits, 501(c)(19) veterans’ organizations, sole proprietorships, self-employed individuals, and independent contractors. 5/

All loans have a 0.50% fixed interest rate and are due in 2 years, per Treasury’s preliminary guidance, though can be paid earlier with no prepayment penalties or fees. 6/

Visit the @USTreasury #CARESAct page for more information: 7/7
https://home.treasury.gov/cares