Tell me about the Paycheck Protection Act (PPP).

Please note, at this time, according to the SBA, “The SBA is currently unable to accept new applications for the Paycheck Protection Program based on available appropriations funding.”

However, there is a possibility of future funding of the program, so it is beneficial for business owners to be familiar with the program.

Paycheck Protection Program applications opened on April 3rd. PPP applications must be filed with an eligible bank, so the best first step is to contact the bank you use for your commercial banking.

The Paycheck Protection Program (“PPP”) authorized up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. 

All loan terms are the same for everyone.

Please see this fact sheet to read about what you need to know.

https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program-ppp

With information changing rapidly, this site is the best way to make sure you are getting up to date information on the PPP.

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