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The Coronavirus Aid, Relief, and Economic Security (CARES) Act is slated to provide nearly $659 billion in aid to incentivize small businesses to retain and pay employees amid the current economic certainty wrought by the COVID-19 pandemic. This aid, which comes through the newly-formed Paycheck Protection Program (PPP) via federally-guaranteed SBA loans, provides small businesses with funds to pay up to eight weeks of payroll costs and benefits, interest on business mortgages, rent, and utilities.
Notably, small businesses that comply with certain use-of-funds guidelines are eligible to have PPP loans forgiven.
As small businesses work to take advantage of the new program, they are likely to have many questions regarding eligibility, requirements, and actionable next steps. This guide provides answers to five pressing questions that businesses may have regarding the Paycheck Protection Program.
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