- What is the Paycheck Protection Program?
- Clio Cares
UPDATE: On April 22, a new bill that includes more than $320 billion for the Paycheck Protection Program was signed into law. With this news, it’s more important than ever to educate yourself on the program and how to apply.
- The loan amount is calculated based on 2.5 times the monthly payroll for up to a maximum of $10 million
- Loans have a 1% interest rate over two years
- More information on the Paycheck Protection Program can be found here.
From the U.S. Small Business Administration's website:
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.
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.
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 in the program.