03/31/2020
Paycheck Protection Program
The $2 trillion coronavirus relief package signed into law last week, officially known as the CARES Act, includes nearly $350 billion for a federal small business loan program called the Paycheck Protection Program. If all employees are kept on payroll for eight weeks, the Small Business Administration (SBA) will forgive the portion of the loans used for payroll, rent, mortgage interest, or utilities. Up to 100 percent of the loan may be forgivable; if you keep your staff employed through June 30, 2020. Check to see if you qualify and then contact your bank to see if it is an SBA-approved lender. If your bank is not an SBA-approved lender, contact the SBA to find one.
An SBA loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis.