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Paycheck Protection Program

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Paycheck Protection Program

The Paycheck Protection Program: What Business Owners, Contractors and Self-Employed Workers Need to Know

The Paycheck Protection Program (PPP) is an unprecedented Small Business Administration lending program designed to prevent or mitigate the effects of massive numbers of layoffs. It’s a forgivable loan of up to 2.5 times your average monthly payroll, and an interest rate of 1%. Amounts used to keep employees on the payroll or to pay rent, utilities and mortgage interest will be forgiven. So for most borrowers, some or all of that loan is going to turn into a grant.

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