Paycheck Protection Program
The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by directing $349 billion towards job retention and business operating expenses.
Designed to provide a direct incentive for small businesses to keep their workers on payroll by providing each small business a loan up to $10 million for payroll and certain other expenses.
If all employees are kept on payroll for eight weeks, SBA will forgive the portion of the loans used for payroll, rent, mortgage interest, or utilities. Up to 100 percent of the loan is forgivable.
Businesses – including eligible non-profits, Veterans organizations, Tribal concerns, sole proprietorships, self-employed individuals, and independent contractors described in the Small Business Act – with 500 or fewer employees may apply.
Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries.
Link to PowerPoint Presentation created by U.S. Chamber of Commerce – Provides high level overview based upon information know as of 3/30/20.
Check for updates once program goes live