03 Apr PPP Loan Resources for Small Business – SBA Information
What is a PPP Loan?
A Paycheck Protection Program (PPP) loan, which the SBA classifies as a 7(a) loan, is part of the $2 trillion Coronavirus Aid, Relief, and Economic Security Act (CARES) Act, with $349 billion designated for the PPP. The loans feature a streamlined application process, less documentation and fewer restrictions.
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.
The Paycheck Protection Program will be available retroactive from February 15, 2020, so employers can rehire their recently laid-off employees, through June 30, 2020. Small businesses and sole proprietors may begin applying on April 3, 2020. Independent contractors and self-employed individuals can apply beginning April 10, 2020.
For more information, visit SBA’s online resource and review the below resources.
INFORMATION / RESOURCES FOR SMALL BUSINESS