The content of this app is from the PPP guide site. DOES NOT REPRESENT GOVERNMENTAL ENTITY, ITS MENTIONED HERE FOR EDUCATIONAL PURPOSES ONLY
What is the Paycheck Protection Program?
The first round of the Paycheck Protection Program (PPP) is a key section within the Aid, Relief and Economic Security Act (CARES) Act that allocates $349 billion for small business (< 500 employees) loans to support payroll and certain other expenses. Loans are available for up to 2.5 times of your average monthly payroll during the year preceding the application, with a maximum loan of $10 million (and 3.5 times for restaurants). If all employees are kept on payroll, SBA will forgive the portion of the loans used for payroll, rent, mortgage interest or utilities – for up to 8 weeks after the loan is issued and up to 100% of the loan. The PPP is retroactive to February 15, 2020.
What is the Paycheck Protection Program?
The first round of the Paycheck Protection Program (PPP) is a key section within the Aid, Relief and Economic Security Act (CARES) Act that allocates $349 billion for small business (< 500 employees) loans to support payroll and certain other expenses. Loans are available for up to 2.5 times of your average monthly payroll during the year preceding the application, with a maximum loan of $10 million (and 3.5 times for restaurants). If all employees are kept on payroll, SBA will forgive the portion of the loans used for payroll, rent, mortgage interest or utilities – for up to 8 weeks after the loan is issued and up to 100% of the loan. The PPP is retroactive to February 15, 2020.
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