The Small Business Administration (SBA) has created the PPP loan program to help businesses keep their workforce employed during the Coronavirus (COVID-19) crisis.
SBA will forgive the loan if all employees are kept on the payroll for eight (8) weeks and the money is used for payroll, rent, mortgage interest, or utilities.
Businesses with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organizations or 501(c)(19) veterans organizations affected by coronavirus/COVID-19.
The application is open, Friday, April 3rd.
The Paycheck Protection Program will be available through June 30, 2020.