• What is PPP? A loan available through the CARES Act designed to provide a direct incentive for small businesses to keep their workers on the payroll. The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits.
• Loan Forgiveness - Funds are provided in the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities. Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels.
• Who can apply? This program is for any small business with less than 500 employees, private non-profit organization or 501(c)(19) veterans organizations affected by COVID-19. Businesses with more than 500 employees are eligible in certain industries.
• When to apply? Small businesses can apply for the PPP starting on April 3. Independent Contractors and Self-Employed individuals can apply for the PPP starting on April 10. PPP is available through June 30, 2020; however, there is a funding cap, so apply early.
• How to apply? You will need to use the most recent version of the PPP loan application and apply through an approved SBA lender.