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Help for small businesses during the COVID-19 pandemic

Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act to minimize the impact of the COVID-19 pandemic. Included in the Act is the Paycheck Protection Program (PPP) designed to provide small businesses with support to continue to keep their workers on the payroll.

The Small Business Administration (SBA) implements the PPP which is designed to support small businesses . If the small business meets program size standards they should be eligible. That includes:

  • Small businesses and eligible nonprofit organizations
  • Veterans organizations
  • Tribal businesses described in the Small Business Act
  • Individuals who are self-employed or are independent contractors

Paycheck Protection Program and lenders

The Small Business Administration will delegate authority to SBA-certified lenders to process applications from small businesses under the Paycheck Protection Program. In addition to SBA-certified lenders, federally insured depository institutions and credit unions as well as Farm Credit System institutions will be available to apply to be approved as lenders for the program.

Additional resources for small businesses and their employees

The CFPB is providing consumers with up-to-date information and resources to protect and manage their finances during this difficult time. Additionally, the CFPB offers financial education tools and information for consumers.

Editorial note: This blog was originally posted on April 6, 2020, and has been updated on April 20, 2020.

Find more information regarding COVID-19 from CFPB

We’re working to continuously update information for consumers during this rapidly evolving situation.

We will publish all COVID-19-related information and blogs to our resource page. Information should be considered accurate as of the blog publish date.

See our COVID-19 resource page

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