The CARES Paycheck Protection Program is a loan program that a small business or farmer/rancher, which has experienced business concern as a result of COVID–19, can use to keep its employees paid and employed. This loan program enables businesses and farmers/ranchers to cover the following eligible expenses:
- Payroll costs limited to $100,000 per individual annually. The costs include gross income, sick leave, vacation pay, family leave, premium health insurances and retirement benefits;
- Payments of interest mortgage payments (which shall not include any prepayment of or payment of principal on a mortgage obligation);
- Rent (including rent under a lease agreement); and
If you received funding from a previous PPP loan, please reach out in regards to qualification. The main qualification parameter for this round will need to show a 25% decrease in gross revenue in 2020 in comparison to 2019.
For more information from the U.S. Small Business Administration click here