Payroll Protection Program
Wednesday, May 5, 2021
IMPORTANT UPDATE: As of May 5th, 2021 all remaining PPP loan funds have been exhausted and the current application period has been closed.
If you are a small business owner, sole proprietor, independent contractor, or self-employed individual and haven't looked into the SBA's Payroll Protection Program - you certainly should!
This generous federal stimulus program provides 2.5 months of payroll costs to small businesses in the form of a 100% forgivable SBA guaranteed loan. Self-employed individuals are considered "employees" of their businesses and may use their business' annual gross income as their "payroll costs" for the year.
You can access a top-line overview of the program here:
https://www.sba.gov/document/support-top-line-overview-first-draw-ppp
The following link will take you to the current application form:
https://www.sba.gov/document/sba-form-2483-ppp-first-draw-borrower-application-form
We’ve helped dozens of local small businesses and self-employed individuals get their share of the nearly $800 billion which have been allocated for this program. Give us a call if you have questions or are interested in applying and we’ll be happy to help walk you through the process.
If you want to read more, there are FAQs and lots more information available at the link below:
https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program/first-draw-ppp-loans
The application period for this round of funding ends on May 31st or when the funding runs out – so don’t delay, apply today!