Payroll Protection Loan

New Positive Change for the Paycheck Protection Program!

Don’t be shocked now, the Paycheck Protection Program has changed… Again!

Following the rules, regulations and processes for the Paycheck Protection Program (PPP), Congress’ lifeline of working capital for small businesses, has been akin to trying to follow a superball bouncing in a small room. At least this most recent change is a positive one.

It’s official, the CARES Act was signed into law today.

The President just signed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). We are digesting the 880 pages of law and will be providing updates on a regular basis. In the meantime, we’d like to get some of the highlights to you.

A key business provision of the CARES Act provides for Payroll Protection loans of up to $10 million to COVID-19 impacted businesses with fewer than 500 employees.

The loans provide for the following.