How Can I Apply for the Paycheck Protection Program?

Applications for the Paycheck Protection Program should be available online by Friday and application guidelines are also available on the Small Business Administration’s (SBA) website.

Small business owners can expect same-day loan approvals, according to The Washington Post. With no SBA review process, lenders will make the funds available to small businesses on the date of application. Loans will be granted on a first-come, first-served basis.

“The application has been really stripped down from what we normally use in the SBA,” a senior administration official told The Post.

There is no fee to apply for the loans, but businesses will be charged fixed interest of 0.5%, but the first payment is deferred for six months.