The federal Paycheck Protection Program has been modified to give more help to businesses with fewer than 20 employees. For two weeks beginning Wednesday, small businesses that want to apply for the loans will be the only applications accepted for the program. Some eligibility rules have also changed that allow self-employed, sole proprietors and independent
The U.S. Small Business Administration, in consultation with the Treasury Department, announced that the Paycheck Protection Program will reopen the week of Jan. 11 for new borrowers and certain existing PPP borrowers. To promote access to capital, initially only community financial institutions will be able to make First Draw PPP Loans on Jan. 11 and
The Paycheck Protection Program is now live for small businesses and sole proprietorships and and starting April 10 independent contractors and self-employed individuals can apply. The program provides small businesses with funds to pay up to eight weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.
Do you need someone to break the Paycheck Protection Program within the CARES Act down for you? “Biz 417” and BKD CPAs & Advisors will walk you through resources for small businesses, certain nonprofits and other employers. The free online webinar is at 11 a.m. April 1. Register now.