Businesses with fewer than 500 employees are eligible for an SBA loan, as are self-employed individuals, independent contractors, and sole proprietors. These loans, which are eligible for forgiveness, will be made by banks, credit unions and other lenders. Local businesses can learn more by visiting the SBA website at https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources.
Here’s a shortcut to SBA loan/grant application: https://covid19relief.sba.gov/#/
If you are a business considering one of these options, review this particularly helpful fact sheet to find out whether you qualify and understand how funds can be used: Small Business Fact Sheet.
*Please note, the forgivable loans offered through the Paycheck Protection Program are offered for up to $10 Million for qualifying businesses who maintain certain levels of employment.