Paycheck Protection Program Starts Friday

The Paycheck Protection Program (aka the COVID-19 federal stimulus loan or PPP Loan) begins Friday, April 3, 2020. Small businesses with fewer than 500 employees that were in business on February 15, 2020 can qualify. Small businesses can request a loan amount of 2.5 times their average monthly payroll, up to $10 million. Businesses need to indicate the purpose(s) of the  loan: payroll, rent/mortgage payments, utilities. Businesses that use the funds to maintain their payrolls can have that portion of the loan fully forgiven. A portion of loan proceeds used to pay rent/mortgage payments and utilities can also be forgiven.