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COVID-19 Related: Payroll Protection Program

Posted by Ruchi Attal Posted on Apr 02 2020

Regarding the PPP (Paycheck Protection Program)

Applications available starting on 4/3 for small businesses

Applications available starting on 4/10 for independent contractors (self-employed individual) [Note: you will need to work with an SBA lender]

You must have less than 500 employees and loans are calculated based on average monthly payroll x 2.5

Employee wages are capped at $100K for purposes of the loan calculation

Loan amounts used for payroll, utilities, mortgage interest and rent are forgiven

If there is a balance on the loan after the amount forgiven, the balance is payable over 2 years at 0.5% interest rate.

Resources: PPP Fact Sheet

Resources: Application Form