06 Apr The Paycheck Protection Program (PPP) from the U.S. Small Business Administration
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.
SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program.
Lenders may begin processing loan applications as soon as April 3, 2020. The Paycheck Protection Program will be available through June 30, 2020.
Please read on for more information regarding this program, including:
- Who Can Apply
- How to Apply
- Loan Details and Forgiveness
- Other Assistance
- PPP Loan Application Sample
Legal Disclaimer: Payroll Partners is not engaged in the practice of law or human resources advice. The content in this email should not be construed as legal or human resources advice, and does not create an attorney-client relationship. If you have legal and/or human resources questions concerning your situation or the information you have obtained, you should consult with a licensed attorney or HR professional. Payroll Partners cannot be held legally accountable for actions related to its receipt.