PPP or Paycheck Protection Program Q&A

The Paycheck Protection Program was established by the CARES Act. The US Treasury website outlines all of the policies on one page and it’s the best resource for getting questions answered. For a quick reference, I’m including all of the topics below including the  Frequently Asked Questions (5/6/2020) which you will find under the program rules.

Program Overview

For Borrowers

For Lenders

Program Rules

 


ECONOMIC INJURY DISASTER LOANS

In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available following a successful application. This loan advance will not have to be repaid.

The SBA’s Economic Injury Disaster Loan provides vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing as a result of the COVID-19 pandemic.

This program is for any small business with fewer than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by COVID-19.

Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries.

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