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Payroll Protection Program – Latest updates from Payroll Systems

The US Department of Treasury has released details for the Paycheck Protection Program (PPP).

Here is what you need to know.

PPP – What is it?

The Paycheck Protection Program is part of the $2.2 trillion dollar coronavirus stimulus bill signed into law last week. $349 billion was set aside for a new small-business loan program.

If a small business maintains payroll during this current crisis, some of the money borrowed through this new program can be forgiven. The goal is to assist small business owners and their employees for the short term.

Who Qualifies?

Small businesses with fewer than 500 employees are eligible to apply to the Paycheck Protection Program. These include firms that are nonprofits. It also includes sole proprietorship’s, self-employed individuals, independent contractors (a.k.a. gig economy workers), and veteran organizations.

Borrowers must certify that their business has been affected by the coronavirus slowdown. And businesses must have been in operation as of Feb. 15 to be eligible to apply.

This information sheet provides information on the Paycheck Protection Program (PPP) as well as answers to frequently asked questions.

For more information click below:
PPP Information Sheet

PPP Loan Application

The Department of Treasury has provided a loan application that can be provided to your lender. Click the link below to download. 

Loan Application

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This article provides general information and shouldn’t be construed as legal or HR advice. Since employment laws may change over time and can vary by location and industry, please consult a lawyer or HR expert for advice specific to your business. You can also contact Payroll Systems to inquire about our HR support services.