The much-anticipated CARES Act provided for the Paycheck
Protection Program, which is meant to help small businesses both
retain their employees and meet their rent and other operating
expenses during the COVID-19 pandemic.
For purposes of the Paycheck Protection Program, small
businesses are broadly defined as business with 500 or fewer
employees, and include "nonprofits, veterans organizations,
tribal concerns, self-employed individuals, sole proprietorships,
and independent contractors."
The Department of the Treasury just published program
information for Lenders and Borrowers. The information provided to
Borrowers explains that small businesses and sole proprietorships
may apply starting on April 3, 2020. Independent contractors and
self-employed individuals can apply on April 10, 2020. The Treasury
helpfully suggests, "We encourage you to apply as quickly as
you can because there is a funding cap."
