The Paycheck Protection Program (PPP) is part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act signed into law on March 27, 2020, to support small businesses economically impacted by COVID-19.
Note: The Small Business Administration will resume accepting PPP loan applications on Monday, April 27 at 9:30 a.m. CT from approved lenders on behalf of any eligible borrower.
From a one-person shop to a 500-employee operation, small businesses across the U.S. qualify. Even some businesses with more than 500 employees can apply if they meet the Small Business Administration (SBA) industry standards.
Up to $10 million in a forgivable loan to cover eight weeks of business costs, which include payroll and other forms of compensation, utilities, rent, and mortgage interest payments. The loan can be used for expenses generated from Feb. 15 to June 30, 2020.
Apply now. Though the program states it will accept applications until June 30, 2020, funds can run out.
Visit sba.gov/paycheckprotection/find to find a list of banks processing PPP loans. Contact the bank and ask about their process. The list of banks is constantly changing as more banks are approved to process the loans.
The COVID-19 pandemic presents challenges that are out of the control of business owners. Decreased demand, shifting markets, and a slowed economy will hit us all in different ways. Small businesses are the bread and butter of rural communities and the PPP is one tool business owners can use to help manage the economic downturn.