PAYCHECK PROTECTION PROGRAM
Lenders may begin processing loan applications as soon as April 3, 2020.
The SBA and Treasury Department have launched the new Paycheck Protection Program to help keep employees on payroll and small businesses operating. (With attachments regarding the program from https://home.treasury.gov/cares.) These are loans that may be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities (at least 75% of the forgiven amount must have been used for payroll). Small businesses can apply through any existing SBA 7(a) lender or through any participating federally insured depository institutions, federally insured credit unions, and Farm Credit System institutions. 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. Additional information about this program is available at www.sba.gov/coronavirus.
Paycheck Protection Program - What costs Cover?
What can I use these loans for? You should use the proceeds from these loans on your:
What counts as payroll costs? Payroll costs include:
Paycheck Protection Program Resources:
Please refer to the SBA for full PPP details at https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program
Click here to visit the Delaware County Chamber of Commerce's COVID-19 business resource page.
4/3/2020 10:48:18 am
RE Payck Protection Program
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