PAYCHECK PROTECTION PROGRAM (PPP) INFORMATION SHEET: BORROWERS 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 …
SMALL BUSINESS PAYCHECK PROTECTION PROGRAM The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities. Fully Forgiven Funds are provided in the form of loans that will be fully forgiven when used …
Description and Purpose of Paycheck Protection Program Congress passed “The Coronavirus Aid, Relief, and Economic Security Act” (CARES Act), which included the “Paycheck Protection Program” (PPP) for small businesses. The PPP will provide short-term cash flow assistance to small businesses to help these businesses and their employees deal with the immediate economic impact of the …