The U.S. Department of Treasury has issued guidance on the Paycheck Protection Program (PPP), the nearly $350 billion authorized in the CARES Act (the $2.2. trillion stimulus package) to provide 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.
Click here to access a one-page overview of the PPP, including the conditions under which the loans will be forgiven, which businesses are eligible, and when and how to apply.
More detailed information for borrowers can be found here.
The application form can be accessed here.
Click here to access additional resources on the Treasury Department’s Paycheck Protection Program webpage.