SBA's Paycheck Protection Program Details Released - Applications will be accepted stating April 3, 2020.

The Paycheck Protection Program ("PPP") authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. All loan terms will be the same for everyone. 

The loan amounts will be forgiven as long as: 
  • The loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and utility costs over the 8 week period after the loan is made; and
  • Employee and compensation levels are maintained. 

Payroll costs are capped at $100,000 on an annualized basis for each employee.  Due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs. Loan payments will be deferred for 6 months.

The program starts on April 3, 2020

For additional information on the program, please read the PAYCHECK PROTECTION PROGRAM (PPP) INFORMATION SHEET: BORROWERS from the US Treasury.  Read More

Paycheck Protection Program Application Form