US SBA Paycheck Protection Program

Posted 05.29.20

Loan: Uncategorized

Congress signed into law the Coronavirus Aid, Relief and Economic Security (CARES) Act which contains several programs, including the Paycheck Protection Program (PPP), to provide emergency assistance for small businesses impacted by COVID-19.  The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.

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.  Most significantly, PPP loans may be forgiven, fully or in part, depending if borrowers maintain head counts and payrolls at pre-pandemic levels and use thier loan for permitted expenses.

As a Small Business Administration (SBA) lender, GSBDC stands ready to assist you in keeping your business running.  To apply for a PPP loan, please click on the link below to get started.

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