The U.S. Department of the Treasury and the U.S. Small Business Administration have released information on the application process for the Paycheck Protection Program. The program consists of a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. The program will be available retroactive from Feb. 15, 2020, so employers can rehire their recently laid-off employees through June 30, 2020.
The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities. Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.
For the full guidelines, please visit the US Department of the Treasury at https://home.treasury.gov/policy-issues/top-priorities/cares-act/assistance-for-small-businesses
The application will be open soon.
For additional information, contact Kris Mory at 954.480.4317or firstname.lastname@example.org.