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A LIFELINE FOR SMALL BUSINESSES: THE PPP LOAN
Small business owners who have 500 or fewer employees, including self-employed individuals, may be able to benefit from the Coronavirus Aid, Relief, and Economic Security (CARES) Act that was passed last week. One of the most compelling parts of the Act is the “Paycheck Protection Program” (PPP), an emergency lending facility, administered by the Small Business Administration (SBA) to provide small business loans on favorable terms to borrowers impacted by the current state of economic uncertainty. With the Payment Protection Program (PPP loan), Small Businesses can request loans up to 2.5 times the average monthly payroll expense over the previous year (with total loan amount capped at $10M). There are other Small Business loans available as well. COLLEEN WYSONG READ MORE