Episode 244: Overview of the Paycheck Protection Program, COVID-19 pandemic loans to small businesses

March 28, 2020

This episode is U.S. specific, as I discuss the Paycheck Protection Program, which is an element in the CARES Act passed by Congress yesterday.

Topics covered:

  • Who is eligible for the loan
  • The maximum amount you can borrow
  • How you can get the loan forgiven. Yes, I said forgiven.
  • The interest rate for any portion of the loan not forgiven
  • The application deadline
  • And whether you can double dip if you already got a Small Business Administration Economic Injurty Disaster Loan (EIDL) related to COVID-19

Useful links:

The full text of the CARES Act


Articles from bench.co that do a great job of summaring the Paycheck Protection Program as well as the full CARES Act



A press release on the PPP from the US Senate Committee on Small Business and Entrepreneurship


A blog post from the Economic Innovation Group that has a nice table summarizing the key features of the Paycheck Protection Program


A link to CareerOneStop.org, which has links to the Unemployment program website for every state


A summary from Golenbock Eiseman law firm


Forbes article