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Paycheck Protection Program

Last Updated Thursday, April 30th, 4:16pm

MORE MONEY AVAILABLE: GOVERNMENT EXPANDED PROGRAM TO GIVE YOU UP TO $10 MILLION TO KEEP YOUR BUSINESS OR NONPROFIT GOING

Act now: PPP program ADDED $310 billion available on first-come, first-served basis

What is it?

  • U.S. Small Business Administration (SBA) Paycheck Protection Program
  • Two-year loans at 1% interest that you may not have to pay back
  • Loan is designed to encourage small businesses to keep their workers on the payroll
  • SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities

Who's eligible?

Businesses and nonprofits with 500 or fewer employees

How do you get it?

Ask your business’s bank if they offer the federal SBA Paycheck Protection Program

If your bank offers the program: They will walk you through the application process

If your bank does not offer the program: View a list of traditional SBA banks

What does the loan cover?

Loans will be fully forgiven if the funds are used to pay for:

  • Payroll costs
  • Interest on mortgages
  • Rent
  • Utility payments

Want more information or advise?

Visit the federal government’s information page on the program.

Visit the SBA’s Paycheck Protection Program website.

There are Small Business Centers to help you: Visit the New York Small Business Development Center website.

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Last Updated Thursday, April 30th, 4:16pm