Relief for small businesses was included as part of the CARES Act stimulus package related to the COVID 19 outbreak. The Small Business Administration (SBA) has launched a number of initiatives, including The Paycheck Protection Program.
- To apply for PPP Loan forgiveness go to our PPP Forgiveness page
- See the latest update on PPP loans and forgiveness.
- For more information and resources visit the U.S. Department of the Treasury website
About the SBA Paycheck Protection Program
The Paycheck Protection Program (PPP) is a short term lending option designed to help small businesses with cash flow and maintain their employment levels. Any public, private or not-for-profit enterprise with 500 or fewer employees may qualify. The businesses must have been in operation before February 15, 2020.
- All businesses, including non-profits, veterans organizations, tribal concerns, sole proprietorships, self-employed individuals, and independent contractors, with 500 or fewer employees.
- Employee salaries
- Payroll support including the continuation of benefits
- Interest payments on mortgage debt of the business
- Business rent payments
Maximum loan amount
- Up to $10 million
In addition to PPP, the Small Business Administration has other programs to help small business cope with the economic consequences of the COVID -19 related business disruption:
- Traditional SBA Loan
- Express Bridge Loan
- Economic Injury Disaster Loan
- SBA Debt Relief
- Paycheck Protection Program
To view these programs, and to get the latest information from the Small Business Administration visit: www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources
For more information and resources visit the U.S. Department of the Treasury website