Payroll Protection Program included in the federal CARES Act
The US Chamber of Commerce has prepared a summary of the Payroll Protection Program included in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which allocates $350 billion to help small business keep workers employed amid the pandemic and economic downturn. The program provides 100% federally guaranteed loans to small businesses that maintain their payroll during the emergency. The loans may be forgiven if borrowers maintain their payrolls during the crisis and restore their payrolls afterward.
Criteria, in general,
Fewer than 500 employees
In operation prior to February 15, 2020
Up to 2.5 times average payroll costs
Loan forgiveness for payroll and some operating costs (mortgage interest, rent, utilities) during the 8 week period following origination of the loan
