Paycheck Protection Program

Blog #29

Job retention and business operating expenses

Eligible recipients may qualify for a loan up to $10 million determined by 8 weeks prior of average payroll plus an additional 25% of that amount.

• Loan payments are deferred for 6 months.
• If you maintain a workforce, SBA will forgive the portion of the loan proceeds that are used to cover the first 8 weeks of payroll and certain other expenses following loan origination.
• Loans to small business up to $10 million for payroll and certain other expenses. If employees are kept on the payroll for 8 weeks, SBA (Small Business Admin.) will forgive the portion of the loan used for payroll, rent, mortgage interest or utilities.
• Up to 100% of the loan is forgivable.
• Enhanced Debt Relief is also available in SBA’s other business loan programs.

Also available for consideration

• COVID-19 Economic Injury Disaster Loan Advance of up to $10,000 provides working capital loans up to $2 million to overcome temporary loss of revenue you are experiencing. Funds will be made available within three days of a successful application, and this loan will not have to be repaid.
• Use the SBA Local Assistance Directory to locate an office nearest you.