The Paycheck Protection Program (PPP) is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
Interest in PPP was very high and all funds were lent out by April 15, 2020. The addition of $320B is expected to pass the House of Representatives on 4/23, with President Trump expected to sign into law shortly thereafter. The specific availability date of funds with authorized lenders is not yet known.
Interested small businesses should visit the SBA PPP website or speak with their banking institution for more information on program requirements.
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