Paycheck Protection Program

General information

  • The Paycheck Protection Program is part of the CARES Act and it lets small business potentially get 100% federally guaranteed loans for payroll purposes.
  • Employers could be eligible for a loan of up to 2.5x to 3.5x their average monthly payroll costs.
  • Read the U.S. Chamber's Guide to Emergency Coronavirus Loans for more details and to see if your business qualifies.
  • The SBA website contains a copy of the Application for a Paycheck Protection Program Loan.
  • Consult your accountant or lender for more guidance if you have any questions about a Paycheck Protection Program Loan.

Additional information

If you've received the Paycheck Protection Program loan, here is some additional information:
  • President Trump Signs Paycheck Protection Program Flexibility Act
    : On June 4, 2020, Former President Trump signed the Paycheck Protection Program Flexibility Act (PPPFA) of 2020 (H.R. 7010), which modifies provisions related to the forgiveness of loans made to small businesses under the PPP. The PPPFA—
    1. Eliminates a CARES Act provision that prevented certain PPP participants from deferring the payment of payroll taxes.
    2. Requires borrowers to use at least 60% (rather than the original 75%) of PPP funds on payroll costs.
    3. Gives borrowers 24 weeks (rather than the original 8 weeks) to spend PPP funds.
    4. Pushes back the original 6/30/20 deadline to rehire workers to 12/31/20.
    5. Provides additional exceptions if a borrower is unable to rehire the required number of employees.
    6. Extends the minimum maturity date of the loan (for proceeds that are not forgiven) to 5 years.
  • The full legislative text of the bill is available at www.congress.gov/bill/116th-congress/house-bill/7010/text.
  • Use the U.S. Dept of Treasury PPP Website to get the latest guidance or to apply for forgiveness of your PPP Loan if you qualify:
  • myPay Solutions has a report available that can help you complete your PPP Loan Forgiveness application.
    • Go to
      Reports
      then select
      Paycheck Protection Program Loan Forgiveness Worksheet
      .