If You’re Self-Employed, You Need to Know About the Paycheck Protection Program

Earlier this month, the federal government launched the Paycheck Protection Program, which gives small-business owners the opportunity to apply for a Small Business Administration (SBA) loan designed to help businesses make payroll during the coronavirus pandemic. If the loan money is spent on certain designated costs—payroll, mortgage interest, rent and utilities—the loan has the possibility of being partially or fully forgiven.

Today, the Paycheck Protection Program (PPP) is open to sole proprietors, independent contractors and self-employed people. Here’s how to apply, and here’s what you need to know:

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