Paycheck Protection Program
The Paycheck Protection Program fully reopened on January 19, 2021 to new and previous applicants.
What is it?
The PPP is a low-interest loan administered by the Small Business Administration designed to help businesses keep their workforce employed during the COVID-19 crisis. No collateral is required and funds are federally guaranteed.
PPP loan proceeds can be used for:
Businesses with less than 500 employees that are negatively impacted by the pandemic can apply for their first PPP loan.
Previous PPP loan recipients with less than 300 employees can also qualify if they have experienced more than a 25% drop in revenue quarter over quarter from the previous year. Previous recipients should have been contacted by the lender who handled their previous loan and offered a streamlined reapplication.