Small businesses needing financial assistance due to the coronavirus can apply for a Paycheck Protection Program (PPP) loan. PPP loans provide cash to cover payroll, rent, utilities, and mortgage interest and don’t have to be paid back if all requirements are met.
If you are thinking of applying for a PPP loan and haven’t yet, the deadline to apply is June 30, 2020. No additional applications will be accepted after June 30th.
To apply for a PPP loan, contact your local bank. To find a lender in your area that is authorized to issue PPP loans, click here. The PPP application form can be downloaded here
If your business receives a loan from the Paycheck Protection Program, you can apply to have some or all of your loan forgiven (which means you don’t have to pay it back) if you spend the money on certain expenses within 24 weeks of receiving the loan. To be eligible for loan forgiveness, you must spend at least 60% of the loan on payroll for employees (salary/wages, health insurance, retirement, paid leave, and state unemployment taxes) and no more than 40% of the loan on rent, utilities (including phone and internet bills), and mortgage interest.
For more details, you can download the Paycheck Protection Program FAQ’s for Small Businesses or visit FUBA’s Coronavirus Resources page which is constantly being updated. You can also call 800-262-4483 or email us at email@example.com to ask our experts a specific question.