Paycheck Protection Program – What You Need To Know!
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.
Small businesses with fewer than 500 employees that were in operation on or before February 15, 2020. These include S Corporations, C Corporations, LLCs, sole proprietorships, independent contractors, certain nonprofits, and veteran organizations. When obtaining the PPP loan, borrowers must certify that COVID-19 has affected their business. If your business does not qualify for PPP loan, then consider the SBA Economic Injury Disaster Loans (EIDL), which will be a topic for a future article.
When can you apply?