Last week, the U.S. Small Business Administration (SBA) launched the Paycheck Protection Program, or PPP, a $349 billion emergency loan program created as part of the Coronavirus Aid, Relief, and Economic Security Act (CARES). The PPP provides forgivable loans up to $10 million to small businesses left financially distressed by the COVID-19 pandemic and are administered at the local level by a national network of banks and credit unions. To find a lender, click here. The loans, which are 100% backed by SBA, are being provided to small businesses without collateral requirements, personal guarantees, SBA fees, or credit elsewhere tests. Those eligible for the program include small businesses with fewer than 500 employees, self-employed individuals, independent contractors, certain non-profits, veterans’ organizations, and other businesses meeting size standards based on their North American Industry Classification System code. The PPP will be available through June 30, 2020, though the government is advising borrowers to apply as soon as possible due to a loan cap. (As of this writing, the PPP loan commitments reportedly already exceed the available funds by 10%, according to the U.S. Chamber Of Commerce. On the same day, President Trump addressed the issue at a briefing with members of the White House Coronavirus Task Force and said he is asking Congress to provide an additional $250 billion for the PPP, reported the USCOC.) “We urge every struggling small business to take advantage of this unprecedented federal resource – their viability is critically important to their employees, their community, and ...