Information on the Paycheck Protection Program

The Paycheck Protection Program (PPP) is now in effect as a resource and lifeline for small businesses across the country. This $350 billion program is set to provide eight weeks of assistance to small businesses who maintain their payroll during this crisis. This program provides critical relief to the millions of business owners and employees whose lives have been upended by COVID-19.

Background
The Paycheck Protection Program is a forgivable loan program now available for small businesses affected by COVID-19. Small businesses can apply for the loan (which can be retroactive to February 15, 2020) if they maintain their payroll. The grants can help cover payroll costs, rent, and utilities. The PPP loan will be forgiven in full if a business uses it for the appropriate business expenses. 

Who is Eligible?
The Paycheck Protection Program is for small businesses impacted by COVID-19:

  • Small businesses with less than 500 employees
  • Private non-profit organizations
  • 501(c)(19) veterans organizations
  • Sole proprietorships, independent contracts, and self-employed persons

For more information and for answers on business size, click here

Additional Resources
Overview of the Paycheck Protection Program
Paycheck Protection Program Application
Find Eligible Lenders
FAQ from the Committee of Small Business and Entrepreneurship 

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