The Coronavirus Aid, Relief, and Economic Security (CARES) Act signed into law in March 2020 created the Paycheck Protection Program (PPP) through the Small Business Administration (SBA). The SBA stopped accepting applications in April due to high volume of applications, but a new law enacted on April 24 allocated $310 billion for more small business loans. The PPP provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.
To find out more information and eligibility, please click the links below.
Paycheck Protection Program - SBA
FAQs for PPP