Paycheck Protection Program

Paycheck Protection Program

Rick Worthington
Rick Worthington
Paycheck Protection Program

There are some big ranches and farms out there, but the majority are still small, and have really been hit hard by the coronavirus.

Many of those small business owners are now looking to see what aid is availble.

The Paycheck Protection Program is authorizing up to $349 billion toward job retention and certain other expenses.

Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.

Jeremy Field with the Small Business Administration and discusses the small business loans the government is offering.

The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses.

Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.

Under this program:

Eligible recipients may qualify for a loan up to $10 million determined by 8 weeks of prior average payroll plus an additional 25% of that amount.

Loan payments will be deferred for six months.

If you maintain your workforce, SBA will forgive the portion of the loan proceeds that are used to cover the first 8 weeks of payroll and certain other expenses following loan origination.

Head to sba.gov for the latest information

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