The Paycheck Protection Program (“PPP”) is a key program under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act” or the “Act”) signed into law on March 27, 2020. Through the PPP, which contains nearly $350 billion of funding for small businesses, eligible businesses can access fully guaranteed loans of up to $10 million in order to cover payroll costs and other specified operating costs over the course of an eight-week period beginning on the day the loan is originated. PPP is meant to incentivize small businesses to maintain their payrolls as the COVID-19 pandemic continues to unfold.
Below are some Frequently Asked Questions (“FAQs”) related to the PPP. Information regarding the PPP loan program continues to change. We will provide updates to these FAQs as appropriate. It is generally recommended that all small businesses apply as soon as possible since funds are distributed on a first come, first served basis.
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Should you have any immediate worries or concerns, please don’t hesitate to reach out to us. We are here to support you and your employees in any way we can.
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This information is not intended as authoritative guidance or tax or legal advice.
Securities offered through LPL Financial, member FINRA & SIPC. Investment advice offered through Global Retirement Partners, LLC (GRP) a registered investment advisor. GRP, Washington Financial Group and Hub International are separate and unaffiliated with LPL Financial.
