Small Businesses – Paycheck Protection Program

This post was written by Lauren Troppens.

Are you a small business owner looking for COVID-19 relief?

 The federal government has offered a program where employers with less than 500 employees can apply for a small business loan. This particular loan was designed to present a direct incentive for small business owners to keep their employees on the payroll during the COVID-19 outbreak.

If you are a small business owner, you can apply for the loan at any bank between April 13thand June 30th 

The loan must be used for payroll, mortgage, and/or utilities. If all employees are kept on the payroll for 8 weeks, the loan will be forgiven, meaning it will not have to be paid back.

If the loan is not forgiven, it has a maturity date of 2 years at 1.0% interest rate.

 References:

https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program-ppp

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