You Need to Act NOW Before It's Too Late: SBA Rules for Paycheck Protection Program Loans
The U.S. Small Business Administration issued the interim final rules for the Paycheck Protection Program (PPP), which gives forgivable loans to small businesses impacted by the coronavirus pandemic to use to cover costs including payroll and rent.
The loans, which need to be requested through your bank, will be available through June 30th or until the funds run out.
If you qualify for this program, you need to act NOW and contact your bank immediately to begin the application process.
The program is available to small businesses that were in operation on February 15th with 500 or fewer employees, including self-employed individuals, sole proprietorships, and independent contractors.
Small businesses and sole proprietorships can apply for PPP loans now, but independent contractors and self-employed individuals need to wait until April 10th to apply.
Should you need additional information regarding this program, please refer to our previous blog post about the CARES Act Summary or contact us at 787-300-3777.