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.