Starting Friday, self-employed and independent contractors are eligible to take advantage of Small Business Administration (SBA) loans, adding to the number of business owners receiving assistance from the federal government to stay afloat during the COVID-19 pandemic.
Lenders say overall, the Paycheck Protection Program offering that assistance has been a success, but with any new program being implemented so quickly, there are bound to be a few hiccups.
The Paycheck Protection Program provides forgivable SBA loans up to $10 million for small businesses to cover eight weeks of payroll, group healthcare benefits, lease payments and mortgage interest.
