The paycheck protection program is providing small businesses with the resources they need to maintain their payroll, hire back employees who may have been laid off, and cover applicable overhead. Small business concerns can be eligible borrowers for first draw ppp loans even if they have more than 500 employees, as long as they satisfy the existing statutory and regulatory definition of a “small business concern” under section 3 of the small business act, 15 u.s.c A ppp loan allows a business applicant to receive funds up to 2.5 times the applicant's average monthly payroll costs
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Sometimes, an applicant may receive a second draw typically equal to the first
The loan proceeds to cover payroll costs, rent, interest, and utilities.
1 the ppp act, which instigated the program,. Congress passed the paycheck protection program (ppp) loan as part of the coronavirus aid, relief and economic security (cares) act to provide fast and direct economic assistance for small businesses and to preserve jobs for americans. Borrowers may be eligible for paycheck protection program (ppp) loan forgiveness Effective march 13, 2024, all borrowers, regardless of loan size, can use sba's direct forgiveness portal
Applying for forgiveness using the portal can take as little as 15 minutes. Toby moskovits and michael lichtenstein were charged with fraudulently trying to obtain $5 million in ppp and eidl funds
