Paycheck Protection Program (PPP) Loans
Restaurant Rebound Series: The Meat and Potatoes of PPP and Forgiveness
University of Georgia Small Business Development Center + Restaurant Informer + Georgia Restaurant Association
Tuesday, May 19, 2020
How to Best Prepare for PPP Loan Forgiveness
Monday, May 18, 2020
Paycheck Protection Program (PPP) Loan + Forgiveness Updates
Georgia Restaurant Association + Aprio, LLP
Thursday, May 14, 2020
The Paycheck Protection Program is designed to provide a direct incentive for small businesses to keep their workers on payroll by providing each small business a loan up to $10 million for payroll and certain other expenses.
If all employees are kept on payroll for eight weeks, SBA will forgive the portion of the loans used for payroll, rent, mortgage interest, or utilities. Up to 100 percent of the loan is forgivable.
Businesses – including eligible non-profits, Veterans organizations, Tribal concerns, sole proprietorships, self-employed individuals, and independent contractors described in the Small Business Act – with 500 or fewer employees may apply.
Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries.
When to apply
Starting April 3, 2020, small businesses and sole proprietorships can apply. Starting April 10, independent contractors and self-employed individuals can apply. We encourage you to appy as quickly as you can because there is a funding cap.
How to apply
You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating. All loans will have the same terms regardless of lender or borrower. A list of participating lenders as well as additional information and full terms can be found at www.sba.gov.
In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are currently eligible to apply for disaster assistance.
Enhanced Debt Relief is also available in SBA’s other business loan programs to help small businesses overcome the challenges created by this health crisis.
For information on additional Lending options, please click here.
SBA provides local assistance via 68 district offices and a nationwide network of resource partners. To find resources near you, please click here.