The Small Business Administration is accepting Paycheck Protection Program (PPP) loan applications from approved lenders on behalf of any eligible borrower. You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System, or non-bank lending institution that is participating. You should consult with your local lender as to whether it is participating in the program.
To learn more about the Paycheck Protection Program or to download an application, click here.
On May 15, the U.S. Small Business Administration (SBA), in consultation with the U.S Department of the Treasury, released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for the application. The application and instructions confirm that if a borrower used at least 75% of the loan proceeds on eligible payroll costs, no more than 25% on eligible non-payroll costs, and maintained staffing and salary levels, the PPP loan may be forgiven in full, consistent with the CARES Act. The application further confirms the forgiveness amount will be reduced correspondingly by a failure to follow these requirements.
The application form can be found in the link below.
Other resources:
- Find a lender near you
- See a list of Arkansas Lenders