Do you know what PPP stands for?
On Friday, March 27, 2020, the
President signed the CARES Act into law. The bill provides for $2.2 trillion in
emergency aid to ease the financial impact of the COVID-19 crisis, including
$349 billion for new, partially forgivable small business loans to cover, among
other things, certain payroll costs, mortgage interests, rents and utilities
payments. The Paycheck Protection Loans, which we call PPP loans, will charge
interest at no more than 4% and will be administered by the Small Business
Administration (SBA). Payment of interest, principal and fees will be deferred
for at least six months but not more than 1 year. As the program’s name
implies, PPP Loans are designed to provide cash to small businesses, including
sole proprietors and independent contractors.
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