Forgivable loans through the Paycheck Protection Program
The Small Business Administration and Treasury Department release information regarding the CARES Act and the new $349 billion Paycheck Protection Program. Read the full release here.
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.
SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
Treasury and the Small Business Administration expect to have this program up and running by April 3rd so that businesses can go to a participating SBA 7(a) lender, bank, or credit union, apply for a loan, and be approved on the same day. The Paycheck Protection Program will be available through June 30, 2020.
