Posted April 06, 2020
PAYCHECK PROTECTION PROGRAM (PPP) INFORMATION SHEET:BORROWERS
The Paycheck Protection Program(“PPP”)authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis.All loan terms will be the same for everyone.
The loan amounts will be forgiven as long as:
Payroll costs are capped at $100,000 on an annualized basis for each employee. Due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs.
Loan payments will be deferred for 6months.
When can I apply?
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