Paycheck Protection Program Starts TODAY
The Paycheck Protection Program (PPP) is an SBA loan that helps small businesses (fewer than 500 employees) keep their workforce employed during the COVID-19 crisis.
We at Parrott advise you– before you give your employees the option to take unemployment, look into the PPP first! It is a forgivable loan that will cover the costs of employee salaries AND their benefits. This is urgent and critical information for your business. We want to help you protect your employee’s paycheck, benefits, and eligibility for the expanded Family Medical Leave Act (FMLA).
It is important to know: funding is limited, so you should apply promptly.
The Paycheck Protection Program can provide you with funds to pay up to eight weeks of payroll costs, including benefits. This loan will be fully forgiven based on keeping or quickly rehiring employees and maintaining salary levels. No collateral or personal guarantees are required and neither the government nor lenders will charge you any fees.
You can apply through any existing SBA 7(a) or other participating federally insured lender and should consult with your local lender as to whether they are participating in the program.
The US Treasury has released the application and additional information on the PPP. Links to this program are included below, and give information on what you will need to provide so that you may go ahead and begin filling out the application and gathering information if you decide to participate in the program:
Currently, the process has not yet been fully defined. Any of the above information is subject to change as it is finalized, but we wanted to get this to you as soon as possible. For more in-depth information about the Paycheck Protection Program, please visit www.sba.gov.
If you have any questions, please contact your account manager and/or bank. We hope this PPP information helps during these trying times. Stay safe and well.