As part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act The Paycheck Protection Program was created. This loan program contains nearly $350-billion intended to provide American small businesses through 100 percent federally guaranteed loans to keep employees working. This legislation is complicated and at times confusing however it’s a great benefit for small business. Having just gone through the application process, we are uniquely positioned to perhaps answer questions or concerns you might in advance of taking advantage of this program.
The Paycheck Protection Program (“PPP”) 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.