The deadline for SBA to approve the guarantee on a Paycheck Protection Program (PPP) loan submitted by participating lenders is June 30, 2020. The PPP is open to small businesses and select nonprofits and faith-based organizations impacted by the COVID-19 pandemic. Sole proprietors and self-employed individuals are also encouraged to consider applying for a PPP loan.
Under the CARES Act, the PPP is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. The SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
For more information on the PPP visit: sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program
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