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  • James von der Lieth

How Self Employed and SMBs Can Take Advantage of Forgivable U.S Stimulus Loans

Airbnb Hosts, Vacation Rental Managers, STR cleaners property owners and other businesses in the STR industry have been hit especially hard from the Coronavirus Crisis.

Thankfully, last week, the CARES ACT was passed promising aid for businesses and the self-employed affected by the Coronavirus. However, the details were murky when the bill was first passed.

By far, the most relevant and beneficial part of the bill to the Short Term and Vacation Rental industry was the the Paycheck Protection Program (PPP) portion of the CARES Act will work. Today we have more details from the U.S Treasury on how it will practically work and when you can start applying.

The treasury's details make it clear that the program is a no-brainer to apply for if you qualify. Even on the off-chance you can't get all of the loan forgiven, at a .5% interest rate, It's basically free money!

Key Highlights of the Paycheck Protection Program (PPP)

  • Starting April 3, 2020, small businesses and sole proprietorships can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.

  • Starting April 10, 2020, independent contractors and self-employed individuals can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.

  • Businesses can borrow money for payroll, health care benefits, employee compensation, mortgage interest, rent, utilities, and interest on debt.

  • All or a portion of loans may be forgiven as part of a process that incentivizes companies to retain employees. If the loan isn't forgiven it will be due in 2 years at a .5% interest rate.

  • This loan is free to apply to and there are no fees or personal guarantees required

  • Here is the complete fact sheet that just came out from the U.S Treasury.

  • HERE is the application you will need to fill out for this loan

  • You must apply through an SBA-approved lender. Find one here at SBA.Gov

  • It is still unclear at this time if you can take loans under both EIDL and this PPP loan. The SBA is still coming up with guidance for this.

Who can apply?

  • All businesses – including nonprofits, veterans organizations, Tribal business concerns, sole proprietorships, self-employed individuals, and independent contractors – with 500 or fewer employees can apply.

Take Aways for My Readers

  • This program is a no-brainer to apply for if you are in the Short Term Rental Industry. Even on the off-chance you can't get much of the loan forgiven, at a .5% interest rate, It's basically free money.

  • Even the Treasury acknowledges that funds will be limited. Being prepared to apply on the April 3rd & 10th start dates is critical.

  • Start on the application ASAP to ensure you are prepared with everything you will need. If you need help understanding the application, this is a good detailed walk-through.

  • Reach out to your bank today to get the SBA Lender's information and express your interest in the Paycheck Protection Program.

  • This is an unprecedented and new program. Don't count on receiving these funds right away, or at all, if the funds run out. However, as long as you are honest on your application, there is no reason to not apply for this aid.

  • Subscribe below for more updates on this as we hear from our readers about their insights into the process.


I'd love to hear from you at with your experiences applying for this loan.

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