COVID-19 / CARES Act FAQsQuestions and Answers Posted Daily - Last Updated 04/29/20
Paycheck Protection Program (3)
On April 24, 2020 a new bill was signed into law that sent more money to the PPP, EIDL, and other causes. Here is the breakdown.
There were $484 billion total issued in this bill:
$321 billion for Paycheck Protection Program
$60 billion for Economic Injury Disaster Relief Advance program
$75 billion for hospitals
$25 billion for testing
As part of the CARES Act passed on March 27, 2020, a large amount of money is allocated towards a program known as the Paycheck Protection Program (PPP). In a nutshell, this program allows for a loan of 2.5x average monthly payroll which, if you use it for a few specified purposes (payroll, business rent, business utilities, etc.) will be FORGIVEN! Meaning you don’t have to pay the money back. Read that again.
Ok, so what’s such a big deal? Well, this program is open to all small businesses, 501(c)(3)’s, sole proprietors, and independent contractors — that’s right, sole-proprietors, freelancers, and IC’s? You are included in this too.
Work In Progress
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