AICPA Coronavirus (COVID-19) – Paycheck Protection Program (PPP)
IS NOW AVAILABLE!!
We are working with our partners to help small businesses access The Payment Protection Program (PPP) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L. 116-136.
- 100% Loan Forgiveness – Borrowers and Lenders information sheet
- Up to $20,833 per employee
- Up to $10M total loan amount
- 2-year terms and 0.5% fixed interest rate
- Funds to cover payroll, mortgage, rent and/or utilities
Small Businesses and Sole Proprietorships affected by the coronavirus pandemic can apply for loans under the federal Paycheck Protection Program (PPP) beginning Friday, April 3, 2020.
Starting April 10th, Independent Contractors and Self-employed Individuals can apply.
For help obtaining a PPP loan, please call one of our trusted advisors now. There is no charge for this call. Advisors are available now to take your call 833-488-5887.
Keep in mind the Treasury has urged those in need of funding to apply quickly, noting that the program has a cap and demand is likely to be high.
Under the program, small businesses with 500 or fewer employees including not-for-profits, veterans’ organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors are eligible for loans to pay up to eight weeks of payroll costs including benefits as well as other costs. Businesses with more than 500 employees are eligible in certain industries, Treasury said.
Paycheck Protection Program Application Form: https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Application-3-30-2020-v3.pdf
Visit the AICPA Coronavirus Resource Center for information and resources related to the pandemic.