Payroll Forgiveness

If you are a small business and are looking for financial assistance in the form of forgivable loans/grants specifically to keep your employees on your payroll, you’ll want to check out and apply for the Paycheck Protection Program? 

These loans are federally backed, and will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll).

Loan payments will also be deferred for six months with no collateral or personal guarantees required, and neither the government nor lenders will charge small businesses any fees.

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.

Lenders may begin processing loan applications as soon as April 3, 2020. 

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