Who can apply?
This program is for any small business, including sole proprietorships, self-employed, independent contractors, Tribal business concerns, veteran organizations, and 501(c)(3) nonprofit organizations with less than 500 employees affected by COVID-19.
Businesses with more than 500 employees in certain industries may qualify if they meet the SBA’s size standards for those industries.
What can the loan be used for?
-
- Employee salaries under an annualized amount of $100,000
- Continuation of group health care benefits
- Paid sick, medical leave, and insurance premiums
- Mortgage interest, rent, and qualified utility payments
When can you apply?
On April 3, 2020, small businesses and sole proprietorships can begin to apply. Independent contractors and self-employed individuals can apply beginning April 10, 2020. The program runs through June 30, 2020, but it is important to apply early as there is a funding cap.
Resources for borrowers:
Paycheck Protection Program Application
Paycheck Protection Program Borrower Guide
For more detailed information on the PPP, visit the SBA’s Paycheck Protection Program Webpage or the Department of Treasury’s Overview of the Paycheck Protection Program.
If you have any questions, feel free to contact your AHP professional.
Any accounting, business, or tax advice contained in this communication, including attachments and links to outside sources, is not intended as a thorough analysis of specific issues, nor a substitute for a formal opinion, nor was it written to be used to avoid tax related penalties.
