The U.S. Treasury has released its application for the Paycheck Protection Act and has announced that banks can begin processing them as early as Friday. Download the application and the instructions for filling it out from Treasury’s website.

Some things to know:

Where to Apply

Unlike the economic injury loans, paycheck protection loans will be granted through banks. This includes any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating, as well as existing Small Business Administration (SBA) lenders. The list of SBA lenders will be expanded as more institutions qualify for the program, so check the SBA’s list for updates.

Sole proprietors, Nonprofits and Independent Contractors

Small businesses, sole proprietorships, nonprofits and veterans organizations can begin applying for loans beginning April 3; Independent contractors and the self-employed can start applying April 10.

Loan Forgiveness

Businesses will be required to begin repaying the loan in six months unless part or all of it is forgiven. Up to the full amount of the loan can be forgiven if you can document that the money was used to maintain your employment at 2019 levels and you did not significantly reduce employees’ pay.

The SBA is anticipating that no more than 25% of the forgiven amount may be for non-payroll costs, and that the payroll portion of forgiveness could be reduced if you decrease your full-time employee headcount and/or decrease salaries and wages by more than 25% for any employee who made less than $100,000 annualized in 2019.

If you have already let people go, you have until June 30 to restore your full-time employment and salary levels for any changes made between Feb. 15 and April 26, 2020 to still qualify for loan forgiveness.