Business Loans Through the Paycheck Protection Program
The recently passed CARES Act creates a specific loan program through the Small Business Administration to help small businesses retain employees and pay critical expenses in this challenging time. Under the Paycheck Protection Program (PPP), the SBA's current 7(a) loan guaranty program is expanded and modified to provide up to $349 billion of federally guaranteed loans for small businesses. Loans will be made through local lenders and some or all may qualify to be converted to “grants.”
NOTE: Some of this information may change as regulations are finalized and implemented. We will update as new details become available.