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: https://home.treasury.gov/system/files/136/PPP–Fact-Sheet.pdf