Paycheck Protection Program (PPP) Update
Style Magazine Newswire | 4/8/2020, 11:58 a.m.
The Small Business Administration (SBA) and the Department of Treasury have begun releasing the information that will guide the programs created through the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
A part of this small business relief package is the Paycheck Protection Program (PPP), which is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. This loan program provides loan forgiveness for retaining employees by temporarily expanding the traditional SBA 7(a) loan program.
Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.
The U.S. Department of the Treasury has released a fact sheet for small business borrowers interested in accessing the $349 billion Paycheck Protection Program that was enacted last week as part of the $2.3 trillion economic stimulus bill.
View the U.S. Department of the Treasury PPP Fact Sheet Here
For additional funding resources and information:
PPP & Additional Resources (SBA)
Faith-Based Organizations FAQ Sheet (SBA)
Small Business Resources Guide (SBA)
We have linked our partnering financial institutions’ resource pages below for more information on completing your PPP application. We encourage you to reach out to your individual banks for specific details and instructions.