With jobless claims hitting record highs, you might finally need to figure out how to ask for help. A portion of the Coronavirus Aid, Relief, and Economic Security (CARES) Act allocates $350 billion in government-backed loans for small businesses, under the Paycheck Protection Plan (PPP). As a small-business owner or sole proprietor, that means you can borrow money to help meet your payroll, pay your rent or mortgage, and cover your utilities.

The first eight weeks of the payroll loan can possibly be turned into a grant, so that it can be free money for you. Even if not, the maximum interest rate is 1 percent, and can be deferred for six months to a year. You apply directly at authorized SBA lenders.

The question is, should you access this program? Here are a few scenarios when it does and doesn't make sense to tap into the PPP.

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