Application for Paycheck Protection Program
With support from
Goldman Sachs 10,000 Small Businesses is committing $5 million for loans to small businesses and nonprofits in Salt Lake City through a partnership with Community Reinvestment Fund, USA (CRF), the largest non-profit, non-bank SBA 7(a) lender in the country.
Loans will be made to small businesses and nonprofits pursuant to the Paycheck Protection Program (PPP) under the CARES Act. This builds on existing investments by Goldman Sachs that support small businesses through the 10,000 Small Businesses initiative.
This program provides urgent cash flow assistances to small businesses and nonprofits that have been negatively impacted by COVID-19. These loans can be partially or wholly forgiven for businesses that maintain or rehire their workforce and can be used for:
- Payroll costs;
- Interest on mortgages;
No collateral or personal guarantees are required. Neither the government, nor lenders, will charge small businesses any fees.
All loans subject to credit approval and final guidance from the SBA on the Paycheck Protection Program. Funds are limited and subject to availability.
Average Monthly Payroll Calculators
These characteristics of the SBA Paycheck Protection Program are from the Coronavirus Aid, Relief and Economic Security (CARES) Act, which was signed into law by President Trump on March 27, 2020. The terms and information outlined above are subject to change upon further guidance from the U.S. Small Business Administration and the U.S. government.