April 9, 2020

2020 – 04/08 – Just launched: The SBA’s Paycheck Protection Program

To mitigate unemployment caused by the coronavirus (COVID-19), the Small Business Administration has launched the Paycheck Protection Program (PPP). Eligible participants may qualify for loans of up to $10 million determined by eight weeks of previously established average payroll. If the recipient maintains its workforce, up to 100% of the loan is forgivable if the loan proceeds are used to cover the first eight weeks of payroll, rent, mortgage interest or utilities. Eligible recipients are small businesses with fewer than 500 employees, as well as certain other employers. The PPP begins retroactively on Feb. 15, 2020, and ends June 20, 2020. Contact us for more information.