A major component of the Stimulus package (CARES Act) to provide relief to small businesses is the Paycheck Protection Program (PPP). It provides nearly $350 billion in low-interest loans for companies with fewer than 500 employees – portions of which could be forgiven if the companies follow certain conditions, such as retaining their workers.
The PPP is to be administered by certified lenders, so you should be reaching out to your banker or loan officer if you have not heard from them already. At this point, there is no official application and Treasury Secretary Mnuchin is expected to have the process determined by the end of this week. Click here for an informative PDF prepared by the U.S. Chamber of Commerce.
As always, do not hesitate to contact BKC for any questions or concerns.