The recently established $349 billion Paycheck Protection Program is designed to provide much-needed relief to millions of small businesses – allowing them to sustain their businesses and keep workers employed.
The program supports payroll and other business operating expenses. No collateral requirements, personal guarantees or SBA fees – all with a 100-percent guarantee from SBA. Loan payments will be deferred for six months. Most importantly, the SBA says it will forgive the portion of the loan proceeds that are used to cover the first eight weeks of payroll costs, rent, utilities and mortgage interest.