The Paycheck Protection Program (PPP) [the Coronavirus Aid, Relief, and Economic Security (CARES) Act] is a federal program administered through the Small Business Administration to help small businesses keep workers employed during the corona virus pandemic.
Applications opened on April 10, 2020; the administration depleted appropriation funding within a week. Check the SBA site for updates.
- PPP provides small businesses and self-employed with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.
- Funds are provided in the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent, and utiliites.
- SBA encourages businesses to start by contacting their current financial institution to see if their institution is participating and taking applications.
- See the SBA Payroll Protection Program site for details and for a link to find a local lender.
The U.S. Chamber of Commerce has issued this Small Business Guide to assist in applying for this loan.