Payroll Protection Program – must act quickly!

NEW FEDERAL PROGRAM AIMED TO SUPPORT SMALL BUSINESS PAYROLL NEEDS

The Paycheck Protection Program (PPP) provides forgivable loans of up to $10 million for costs incurred from February 15, 2020 to June 30, 2020. Loans can be used for payroll, business rent, business mortgage interest, or business-related utilities.

Who is Eligible: small businesses, non-profits, veterans organizations, tribal businesses, ESOP’s and cooperatives with less than 500 employees, sole proprietorship’s, self-employed individuals, and independent contractors

How to Apply: Applications for small business businesses and sole proprietors open April 3. Applications for independent contractors and self-employed open April 10. You will apply through your locally authorized bank and non-bank lenders. This will typically be your existing banking partner.

Next Steps: While waiting for the application to open, we recommend the following steps: