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Paycheck Protection Program (PPP) Loans

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With great challenges come great opportunities.

There is an abundance of information out there regarding programs for businesses. To all my clients, from the restaurant owners to the family-owned appliance stores, the education companies to the real estate developers, here are some highlights on the Paycheck Protection Program which provides 100% federally guaranteed loans to small businesses.

  1. For businesses with less than 500 employees
  2. Loan amount: up to 2.5 average monthly payroll up to $10M
  3. Loan must be used to retain workers or make lease/utility payments
  4. Loan may be forgiven if borrowers maintain their payrolls during crisis or restore after
  5. Can’t have a loan application already pending
  6. A personal guarantee is not required for the loan – or collateral.

I’m attaching the U.S. Chamber of Commerce infographic for further information.

Be well.


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