02 Apr Small Business Administration – New Paycheck Protection Program (PPP)
In response to the COVID-19 pandemic, Congress passed the CARES act, creating the Paycheck Protection Program under the Small Business Administration (SBA). This guaranteed loan program authorizes approximately $350 billion in forgivable loan funding for small business payroll (including 1099 employees) and other monthly expenses. Under this program: Eligible recipients may qualify for a loan up to $10 million determined by 8 weeks of prior average payroll plus an additional 25% of that amount. Loan payments will be deferred for six months. If you maintain your workforce, the SBA will forgive...