The Paycheck Protection Program (PPP) is a loan program that provides small businesses with funds to pay up to 8 weeks of payroll costs, including benefits. The funds can also be used to pay interest on mortgages, rent, and utilities. The program is designed to help businesses keep their workforce employed during the COVID-19 crisis. The loans are fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities, with at least 75% of the forgiven amount being used for payroll. The program is implemented by the Small Business Administration with support from the Department of the Treasury. PPP loans have an interest rate of 1% and loan payments are deferred for a certain period. Borrowers can apply for loan forgiveness once all loan proceeds have been used for eligible expenses, and certain criteria are met
. For more information and resources, you can visit the Small Business Administration's website at www.sba.gov.
