Paycheck Protection Program FAQs for small businesses

As the COVID-19 (coronavirus) pandemic continues to affect communities across the nation, small businesses—often cornerstones of these communities—are facing unprecedented economic challenges. To help these businesses better navigate these uncertain times, the federal government has passed a number of legislative measures, including the Coronavirus Aid Relief and Economic Security Act, or CARES Act.

Specifically, the CARES Act includes the Paycheck Protection Program, a nationwide loan program aimed at helping small businesses affected by the COVID-19 pandemic.

Here are some of the most frequently asked questions from small business owners and their employees about the Paycheck Protection Program:

Who can qualify for a Paycheck Protection Program loan?

What is the maximum loan amount for a Paycheck Protection Program loan?

What qualifies as “payroll costs?”

How do I apply for a 7(a) loan under the Paycheck Protection Program?

What can the Paycheck Protection Program loan proceeds be used for?

What is the interest rate and fees for a Paycheck Protection Program loan?

What will be the maturity date on a Paycheck Protection Program loan?

Can my Paycheck Protection Program loan be forgiven in whole or in part?

Can I apply for more than one Paycheck Protection Program loan?

Is the Paycheck Protection Program “first-come, first-served”?

When will I have to begin paying principal and interest on my Paycheck Protection Program loan?

In addition to the Paycheck Protection Program, are there other loan products that may be available to borrowers?

Can you apply for a Paycheck Protection Program loan and an Economic Injury Disaster Loan?

Can I get a Paycheck Protection Program loan and take the payroll tax credit?

What is the deadline for filing for a Paycheck Protection Program loan?

2020-98740