The federal government will be releasing the Paycheck Protection Program (PPP) on Friday, April 3 at 9 am. The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses.
.PPP will provide funds in the form of loans that will be forgiven when used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required.
Starting Friday, April 3, 2020, small businesses and sole proprietorships will be able to apply. Starting April 10, 2020, independent contractors and self-employed individuals will be able to apply. We encourage businesses to apply as quickly as possible, as there will be a cap on funding.
The program is eligible for small businesses with 500 or fewer employees, including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors. *Businesses with more than 500 employees are eligible in certain industries
Click on the links below to learn more about the program and apply. If you have any questions please contact me at 856-384-6930
* For a top-line overview of the program<https://home.treasury.gov/system/files/136/PPP%20–%20Overview.pdf>
* If you’re a borrower, more information<https://home.treasury.gov/system/files/136/PPP–Fact-Sheet.pdf>
* The application for borrowers<https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Application-3-30-2020-v3.pdf