Paycheck Protection Program
Who Can Apply For The Paycheck Protection Program?
All businesses – including nonprofits, veterans organizations, Tribal business concerns, sole proprietorships, self-employed individuals, and independent contractors – with 500 or fewer employees can apply.
Do I Have To Pay The Paycheck Protection Program Loan Back Right Away?
No, Loan payments will be deferred for 6 months.
Are The Paycheck Protection Program Loans Really Forgiveable
The loan amounts will be forgiven as long as: The loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and utility costs over the 8-week period after the loan is made; and Employee and compensation levels are maintained.
Reasons Why You Might Be Disqualified For A Paycheck Protection Program Loan
The Paycheck Protection Program Loan is open to all U.S. businesses that meet the following criteria: Businesses, nonprofits, Tribal businesses, and veteran’s organizations with 500 employees or less can qualify Max loan size is equivalent to 250% of ...