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.
- 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
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