The Paycheck Protection Program (PPP) Loan FAQs
Final updated 6th, 2020 july
As a result of crisis, the usa Congress passed the CARES Act, which authorizes as much as $349 billion in forgivable loans to businesses that are small. For more information about the Paycheck Protection Program, an expanded small company management (SBA) loan program, and whether or otherwise not your organization is qualified to receive funding through this system, please read these FAQs below and relate to the resources referenced throughout.
Novo will likely to be upgrading this as more information is supplied installment loans Maine.
Essential Update as of 6th july
The SBA has reopened the application form portal for PPP loans beginning on . You can begin the application today by pressing right here!
What’s the Paycheck Protection Program (PPP)?
This is certainly a temporary, forgivable loan providing you with an infusion of cash for smaller businesses to pay for payroll as well as other non-discretionary bills within the next 2 months. This loan scales because of the size of one’s payroll , so quantities may differ based on your payroll expenses.
To examine the very fact sheet supplied by the united states Department for the Treasury, please view here.
Can we get that loan through the PPP?
You might be entitled to a loan through the PPP if:
Should your business is majority-owned by another business (I.e. VC-backed), you might never be qualified. Please see additional information here , and check with your income tax expert or attorney for further guidance.