Paycheck Protection Program

The PPP is another loan for small businesses affected by the COVID-19 virus.  While it is backed by the Small Business Administration, you have to go through your bank in order to apply.  The basics are you will need to prove what payroll you had last year.  Take your annual gross payroll, divide by 12 to get your average monthly payroll.  Then multiply that by 2.5 to come up with the estimated loan you could receive.  This money is strictly to retain your employees by paying them their regular paychecks so they don't have to go on unemployment.  You must retain them and pay them for 8 weeks after you receive the loan.  The additional .5 can be used toward rent and utilities only.  If you adhere to these strict rules, the loan should be forgiven.  If you don't use it for what it is intended, you can be fined, have to pay interest, pay it back, or possibly even charged for fraud.

We have processed several of these loans for our clients through their banks with success.  Please contact your bank to begin the application.