The Small Business Administration and U.S. Treasury Department say they’re working with banks and other lending institutions to have the new $349 billion Paycheck Protection Program up and running this week, providing small businesses with capital to keep workers employed.

The program is a part of the recent Coronavirus Aid, Relief, and Economic Security (CARES) Act. It provides job retention loans to cover payroll and some other expenses to keep workers employed.

“For those that qualify it might be a great opportunity for you to cover some of your losses,” state Sen. R.J. Kost, R-Powell, said in a Wednesday message to constituents.

The program is set to be up and running by Friday, the government says, with businesses potentially able to apply and receive approval at participating banks and credit unions the same day. The SBA says lenders will be the point-of-contact for small businesses — with the application, loan processing and disbursement of funds all administered at the community level.

The SBA will forgive the portion of the loan proceeds used to cover the first eight weeks of payroll costs, rent, utilities and mortgage interest. All loan payments will be deferred for six months while carrying an interest rate of 0.5% and a maturity of two years.

“This unprecedented public-private partnership is going to assist small businesses with accessing capital quickly,” SBA Administrator Jovita Carranza said in a statement, adding, “We remain committed to supporting our nation’s more than 30 million small businesses and their employees, so that they can continue to be the fuel for our nation’s economic engine.”

The SBA says the program will provide critical capital to businesses without collateral requirements, personal guarantees, or SBA fees.

“The devastating impact of coronavirus (COVID-19) has tested the will of millions of small businesses throughout [Wyoming] and the nation, but help is on the way,” said SBA Regional Administrator Dan Nordberg. “By joining forces, and leveraging the power of private industry, the Paycheck Protection Program will provide businesses with the capital and certainty they need to retain their employees and continue serving our communities.”

Funds from the new loan program will be available retroactive from Feb. 15, so employers can rehire their recently laid-off employees through June 30. All businesses with 500 or fewer employees — including non-profits, veterans organizations, tribal concerns, sole proprietorships, self-employed individuals and independent contractors — are eligible.

Visit www.SBA.gov/Coronavirus for more information on SBA’s assistance to small businesses.