This is a difficult time for our local businesses. Below is information about the SBA Paycheck Protection Program that has been established to help employees maintain payroll during the COVID-19 crisis.
Download the SBA Interim Final on Payroll (PDF)
- Must apply by June 30, 2020
- Loan amount can be up to 2.5x borrower’s average monthly payroll costs or up to $10 million
- No collateral or personal guarantees required
- No payments required for up to one year
- Loan forgiveness available for borrower who’s loan proceeds are applied to eligible payroll costs, mortgage interest, payments on rent and utilities during the 8 week period following loan origination
HOW CAN THE PROGRAM BE USED?
Working Capital Costs, Which Include:
- Payroll costs, rent payments, interest payments, and utilities
- Cost related to the continuation of group health care benefits during periods of paid sick, medical, or family leave and insurance premiums
- Refinance of an SBA Disaster Loan (EIDL) that was made between the period of January 31, 2020 and the date of the loan application for the PPL loan
DO I QUALIFY?
- Must have been in operation on February 15, 2020 and had employees for whom salaries and payroll taxes were paid or independent contractors
- Businesses and 501(c)(3) organizations with fewer than 500 employees, and certain industries with more than 500 employees
- Sole proprietors, independent contractors, and self-employed individuals may be eligible