Paycheck Protection Program
Includes nearly $350 billion in funding to create a Paycheck Protection Program (PPP) that will provide small businesses, sole-proprietors, independent contractors, and other self-employed individuals with zero-fee loans of up to $10 million. Up to 8 weeks of average payroll and other costs will be forgiven if the business retains its employees at their salary levels.
Principal and interest are deferred for up to a year, and all borrower fees are waived. This temporary emergency assistance through the U.S. Small Business Administration (SBA) and the Department of Treasury can be used with other COVID-financing assistance established in the bill or any other existing SBA loan program.
We need to have the American people’s backs.