These highlights capture the essence of the Paycheck Protection Program and its impact on small businesses. Paycheck Protection Program SBA
Purpose: Designed to help small businesses keep their workforce employed during the COVID-19 pandemic.
Loan Forgiveness: Borrowers may be eligible for loan forgiveness if they meet certain criteria, such as maintaining employee and compensation levels.
First Draw Loans: Available to businesses that did not receive a PPP loan before.
Second Draw Loans: Available to businesses that previously received a PPP loan and meet additional eligibility requirements.
Eligible Expenses: Funds can be used for payroll costs, mortgage interest, rent, and utilities.
Application Process: Businesses could apply through SBA-approved lenders.
Program End Date: The PPP ended on May 31, 2021, but existing borrowers may still apply for loan forgiveness
Paycheck Protection Program (SBA)
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