- Deferred Social Security Matching Tax Payments (Employers Portion)
- Cash-Flow Assistance For Employers That Maintain Payroll
- Forgivable Loans For Small Businesses
- General Loan Guarantees For Large Corporations
- Expanded Unemployment Benefits
- Employee Retention Credit under the CARES Act
Keeping American Workers Paid and Employed Act: Small Business Payroll Loan Information
Forbes Magazine: How Small Businesses Can Get Coronavirus Relief Through The CARES Act
What is the Paycheck Protection Program? (A Simple Guide)
Stimulus Check Distribution
Check on the status of my Personal Stimulus Payment
Small Business Paycheck Protection Program
- The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.
- How to Apply: You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating. All loans will have the same terms regardless of lender or borrower. A list of participating lenders as well as additional information and full terms can be found at www.sba.gov and here.
- Fully Forgiven Funds – SBA Details Link IRS Treasury Link
- Fully Forgiven Funds are provided in the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.
- The loan forgiveness rules for the PPP loan keep changing. Your lender should be keeping you informed, but you can also monitor changes yourself at the SBA and IRS Treasury website links listed above.
- Forgiveness Under The SBA PPP Program
- Requirements for PPP Forgiveness US Chamber of Commerce
- Must Keep Employees on the Payroll—or Rehire Quickly
- 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.
- All Small Businesses Eligible
- Small businesses with 500 or fewer employees—including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorship, and independent contractors— are eligible. Businesses with more than 500 employees are eligible in certain industries.
- When to Apply
- Starting April 3, 2020, small businesses and sole proprietorships can apply. Starting April 10, 2020, independent contractors and self-employed individuals can apply. We encourage you to apply as quickly as you can because there is a funding cap.
- Applying for PPP Loan Forgiveness