An additional $321.3 billion has been infused into the Paycheck Protection Program, $310 billion of which is available for loans available through the U.S. Small Business Administration (SBA) designed to provide a direct incentive for small businesses to keep workers on the payroll.
The Paycheck Protection Program and Health Care Enhancement Act, which was signed into law on April 24, 2020, made the additional funding available.
As part of the program, the SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for eligible expenses, such as payroll costs (including health benefits), rent under leases in effect before Feb. 15, 2020, interest on mortgages incurred before Feb. 15, 2020, or utilities for service that began before Feb. 15, 2020.
Employers can also check with their state and local governments to see if there is other relief available for small businesses.
For more information about the Paycheck Protection Program, click on this link.
