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As a result of the COVID-19 pandemic a new type of business relief known as the Paycheck Protection Program (PPP), was implemented. Here is what businesses should know about PPP loans.
The CARES Act provides for potentially forgivable loans from the U.S. Small Business Administration (SBA).
What Is the Paycheck Protection Program (PPP)?
Referred to as the Paycheck Protection Program (PPP), funds loaned under the PPP may only be used for the following items (although the Act does provide some exceptions):
- Payroll costs
- Costs related to group health care benefits during paid sick, medical or family leave, and insurance premiums
- Employee salaries
- Mortgage interest payments
- Rent
- Utilities
- Interest on any other debt obligations incurred before the Act’s covered period
UPDATE (12/05/2022): The Paycheck Protection Program (PPP) ended on May 31, 2021. Existing borrowers may be eligible for PPP loan forgiveness.
Get Help with PPP Loan Forgiveness
Companies looking for help with PPP loan forgiveness should contact PayNW today for help.
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