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The Paycheck Protection Program (“PPP”) Highlights
The Paycheck Protection Program (“PPP”) Highlights
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
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.
Learn more here
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UPDATES: The federal Coronavirus Aid, Relief, and Economic Securities Act (the “CARES Act”)
The federal Coronavirus Aid, Relief, and Economic Securities Act (the “CARES Act”) was signed into law on March 27, 2020.
