These are the most frequently asked questions on the SBA's Paycheck Protection Program (PPP) on my channel and site, Deductions.TAX as of April 27, 2020. Many of these are focused on micro-businesses (5 or less employees) but the answers apply to larger companies that qualify for the PPP as well. About the Paycheck Protection Program ("PPP")
The PPP is administered through the Small Business Administration in coordination with private banks to deliver $659 Billion in loans, many of them forgivable, to help small businesses maintain staff during these disastrous times.
The PPP was released in two phases - part one which totaled $349 billion and was depleted in 13 days and part 2, which totals $310 billion and is being released starting this morning. It's imperative that if you are considering a PPP for your business that you contact a participating bank as soon as possible because the PPP part 2 will surely be gone in a matter of days.
The Paycheck Protection Program is part of the nearly $3,000,000,000,000 released by the federal government through the “CARES Act” to help American's with their economic turmoil. The PPP is one of several initiatives in the CARES Act and is targeted toward businesses from sole proprietors, independent contractors, 1 person LLCs, 1 person S Corporations, all the way up through companies with 500 employees.
Important Links:
SBA Franchise Directory
Disclaimer: this video is for educational and entertainment purposes only and is not meant to be a substitute for legal, accounting, tax, or professional advice. If you have any specific questions about any legal, accounting, tax or other professional service matter you should consult the appropriate professional services provider.
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