In this time of rapidly changing information, we are here to provide answers to some of the Paycheck Protection Program (PPP) questions businesses have.

What is the Paycheck Protection Program (PPP)?

The Paycheck Protection Program (PPP) is intended to provide a direct incentive for small businesses to keep their workers on payroll.  Loans guaranteed under the Paycheck Protection Program (PPP) will be 100 percent guaranteed by the Small Business Administration (SBA).  The full principal amount of the loans may qualify for loan forgiveness.

What businesses are eligible for the Paycheck Protection Program (PPP)?

The following businesses with 500 or fewer employees are eligible for the PPP: 501(c)(3) non-profits, Veterans organizations, Tribal concerns, sole proprietorships, self-employed individuals, and independent contractors described in the Small Business Act.

When can businesses apply to the Paycheck Protection Program (PPP)?

Beginning April 3, 2020, small businesses and sole proprietors can apply.  Beginning April 10, 2020, independent contractors and self-employed individuals can apply.  Remember that there is a funding cap, so you will want to apply as quickly as possible.

What is the Paycheck Protection Program (PPP) coverage period?

The covered period during which expenses can be forgiven extends from February 15, 2020 to June 30, 2020. Applicants are eligible to apply for the Paycheck Protection Program loan until June 30, 2020.

How do I apply for the Paycheck Protection Program (PPP)?

You can apply for the Paycheck Protection Program (PPP) at any lending institution that is approved to participate in the program through the existing U.S. Small Business Administration (SBA) 7(a) lending program and additional lenders approved by the Department of Treasury.

For a top line overview of the program, click here.

If you’re a borrower, more information can be found here.

The application for borrowers can be found here.