SBA’s Paycheck Protection Program launched

judyhector At A Glance, Sierra Vista Economic Development News

As part of their response to the COVID-19 crisis, the Small Business Administration announced today the Paycheck Protection Program (PPP), a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.

Businesses who qualify may apply for the loan, which will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities, with the majority allocated to payroll.

Lenders may begin processing loan applications as soon as today, and the PPP program will be available through June 30, 2020. See more details, and a downloadable borrower form on the SBA’s website.

Additional SBA resources include disaster assistance and enhanced debt relief.