Paycheck Protection Plan: How it Can Help Your Business
Paycheck Protection Plan: How it Can Help Your Business
Dear Members,
The Paso Robles Chamber of Commerce would like to remind you about the Paycheck Protection Plan (PPP) application starting April 3, 2020 and how it could help your small business.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed by the president on March 27, 2020. This act instated the Paycheck Protection Plan (PPP).
What is the Paycheck Protection Plan?
The PPP provides up to $349 billion in forgivable loans to small businesses.
Expenses covered:
· Payroll, including benefits
· Interest on mortgages (those incurred prior to Feb 15, 2020).
· Rental lease payments which were in force prior to Feb. 15, 2020.
· Utilities, for which services were activated prior to Feb. 15, 2020.
Who can apply for the PPP?
Small businesses of under 500 employees.
(Certain industries allow for businesses to apply with over 500 employees if they meet the SBA size standards.)
When can I apply for the PPP?
April 3, 2020: Small businesses and sole proprietorships can start their applications.
April 10, 2020: Independent contractors and self-employed individuals can start their applications.
The program is open until June 30, 2020 but since there is a funding cap we strongly recommend starting your application process as soon as possible before funds deplete.
For more information on the PPP or to get a quote for your business, talk to an SBA Loan Expert.
(Sources: SBA.help, SBA.gov, Congress.gov, USChamber.com)
Additional Resources:
U.S. Chamber of Commerce CARES Guide & Checklist
Visit PasoStrong.org for additional business resource links and other ways to support our community and be involved. Contact pasostrong@pasorobleschamber.com with any special offers, business hours, or services your business is offering at this time.
As Roblans, we are fortunate to have strength on our side and the feeling of community everywhere we look. As a Chamber, we are resourceful and responsive to the needs of our members and the Paso Robles community. Our goal is to keep Paso’s business leaders informed, engaged with current issues and challenges, and work to find solutions in an ever-changing environment. The Paso Robles Chamber of Commerce is the community’s organization dedicated to economic health, business prosperity and civic engagement.
Together we are #PasoStrong.
Sincerely,
Gina Fitzpatrick and The Paso Robles Chamber of Commerce Team
