Small Business Owners Need to Know about the Paycheck Protection Program
The Paycheck Protection Program is an SBA loan program that provides a direct incentive to small businesses to keep employees on the payroll.
Simply put, the Paycheck Protection Program (PPP) is an SBA loan that helps businesses keep employees on the payroll as we all continue to work through the COVID-19 crisis.
It’s a direct incentive that’s being provided to small businesses (including independent contractors and self-employed individuals), and while it’s called a loan, it will be forgiven if all of the business’ employees are kept on the payroll for eight weeks and loan funds are used for payroll, rent, mortgage interest, or utilities.
The program began accepting loans April 3 (independent contractors and those who are self-employed are eligible to apply on April 10), and while the program will be available through June 30, there is a funding cap on the program, so all business owners who are interested are encouraged to apply as soon as possible.
The PPP Information Sheet can be found here and an SBA FAQ is here; a loan application can be made to any SBA lender or federally insured depository institution (click here for a list of Alaska approved lenders). Check out the Small Business Administration’s website for even more information.
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