Small businesses across the country have taken a big hit amid the coronavirus pandemic, as stay-at-home orders and social distancing guidelines have meant many have shut their doors, laid off employees or even ceased operations.
Several large companies and cities across the country are offering some respite to small businesses by launching grant programs to keep them afloat. The federal government also launched the Paycheck Protection Program, a $350 million fund for direct business loans as part of the $2 trillion Coronavirus Stimulus Package signed into law last month by President Trump.
Here, WWD breaks down the specifics of how to apply for the Paycheck Protection Program as a small business owner, including which businesses are eligible, where to apply and how to receive total loan forgiveness.
Who is eligible for a small business loan through the stimulus package?
The U.S. Small Business Administration’s web site states that those eligible for the Paycheck Protection Program are businesses with fewer than 500 employees. This includes businesses that are sole proprietorships, independent contractors, self-employed individuals, private nonprofit organizations or veteran organizations that have been impacted by the COVID-19 pandemic.
How do you apply for the small business loan?
Businesses can apply for the small business loan through any existing

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