Paycheck Protection Program (PPP)
The Paycheck Protection Program ensures that small businesses can continue to pay employees and cover certain costs during this unprecedented health crisis. For up to eight weeks after the loan is made, this program can be used to cover the cost of payroll and other eligible expenses.
Who is eligible?
All businesses—including nonprofits, veterans organizations, Tribal business concerns, sole proprietorships, self-employed individuals, and independent contractors—with 500 or fewer employees may apply. Businesses in certain industries can have more than 500 employees if they meet the SBA’s size standards for those industries.
- Thousands of banks, credit unions, and other lenders will be available to make these loans, including lenders in your local area.
- Loans of up to $10 million can be used to cover payroll, paid sick leave for which you are not receiving a tax credit under the Families First Coronavirus Response Act, insurance premiums, rent, utilities, and mortgage interest payments.
- If you retain your full staff and payroll, and use the loan proceeds on payroll and other eligible expenses, all of your loan will be 100% forgiven.
- To apply, visit a participating lender to complete an application and submit the required documentation. The program is open until June 30, 2020.