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What is the Paycheck Protection Program?
The first round of the Paycheck Protection Program (PPP) is part of the Coronavirus Aid, Relief and Economic Security Act (CARES) Act that allocates $349 billion for small business (< 500 employees) loans to support payroll and certain other expenses. Loans are available for up to 2.5 times of your average monthly payroll during the year preceding the application, with a maximum loan of $10 million (and 3.5 times for restaurants). If all employees are kept on payroll, SBA will forgive the portion of the loans used for payroll, rent, mortgage interest or utilities – for up to 8 weeks after the loan is issued and up to 100% of the loan. The PPP is retroactive to February 15, 2020.
With the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act), the SBA has introduced a Second Draw PPP Loan for eligible businesses that have already received a PPP loan. This Act has allocated $284 billion for both First and Second Draw loans.
To Download the PPP LOAN FORGIVENESS APPLICATION click the DOWNLOAD link below.
