The Paycheck Protection Program is providing small businesses with the resources they need to maintain their payroll, hire back employees who may have been laid off, and cover applicable overhead.
The Paycheck Protection Program established by the CARES Act, is implemented by the Small Business Administration with support from the Department of the Treasury. This program 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.
The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $659 billion toward job retention and certain other expenses.
Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.
The PPP round #2 started 1/11/21 and ends 3/31/21
The Payment Protection Program (PPP) offers loans to help businesses keep their workforce employed during the coronavirus (COVID-19) crisis.
The SBA is currently offering:
- First PPP loans for first-time program participants
- Second PPP loans, effective January 13, 2021, for certain businesses that have previously received a PPP loan
SBA also offers additional coronavirus assistance options.
For assistance in Spanish and English contact our Business Development Department:
bizsupport@ledcmn.org
