Paycheck Protection Program Begins Today

Paycheck Protection Program (PPP Loan) is offering $349 billion in forgivable loans to small businesses impacted by coronavirus pandemic to cover costs like payroll, rent/mortgage and utilities. PPP loans are backed by the Small Business Administration (SBA). Details of the program started reaching potential lenders and borrowers this week. Among important details to consider; not more than 25% of the loan forgiveness may be attributable to non-payroll costs. Some payroll costs are excluded. The program is available to small businesses that were in operation on February 15, 2020 with 500 or fewer employees. Businesses in certain industries with more employees may also be eligible.