The $349 billion Paycheck Protection Program–part of the CARES Act–is aimed at helping small businesses retain workers and pay bills during the coronavirus pandemic.
–The Paycheck Protection Program is open to small businesses with less than 500 employees.
–This is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.
–The Small Business Administration is overseeing the application process.
–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.
–April 3rd is the first day to apply.
–Application is HERE.