Important Notice Regarding The CARES Paycheck Protection ProgramApril 1, 2020
As you may already know, Congress approved and President Trump signed into law the Coronavirus Aid, Relief and Economic Security Act (CARES), which allocates $350 billion to help small businesses keep workers employed during the pandemic and the economic downturn.
In the SBA’s own language, the “Paycheck Protection Program (PPP) is an SBA loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis”. Essentially, the CARES Act expands the eligibility criteria for small businesses to qualify for loans that are available through the U.S. Small Business Administration (SBA) by adding the Paycheck Protection Program to the SBA's portfolio of loan programs.
One of the features of this unprecedented program is loan forgiveness when certain criteria are met.
The US Chamber of Commerce has prepared a guide pertaining to eligibility, loan amounts available, and details regarding loan forgiveness qualification. You can access the Chamber’s guide at https://www.uschamber.com/sites/default/files/023595_comm_corona_virus_smallbiz_loan_final.pdf
Additionally, we recommend you review the SBA program itself, which is detailed here. https://www.sba.gov/funding-programs/loans/paycheck-protection-program-ppp
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