With the passage of the $2 Trillion dollar CARES Act, small businesses will have access to $350 billion in forgivable loans if they meet certain requirements. The Small Business Administration, under the stimulus package, will oversee the Paycheck Protection Program, which will distribute $350 billion to small businesses that can be partially forgiven if the companies have 500 or fewer employees and use them to keep paying people who earn less than $100,000 a year.

How soon will the money arrive?
It will take “a week or two" to get the PPP loans flowing, said Chris Maher president of New Jersey-based OceanFirst Bank.

How long will the money last?
The Payroll Protection loans are designed to stretch for the next three months.

How do you apply?
Call or email your bank and ask for the loan officers who handles SBA 7(a) loans and the PPP program. You can also inquire at the SBA Regional Atlanta Office website.

For more program information, click here.