What you need to know about the Paycheck Protection Program

Posted at 7:05 PM, Apr 01, 2020
and last updated 2020-04-01 19:10:31-04

U.S. — The Coronavirus Relief Package is helping small business to keep their workers on the job.

Applications for the new $349 billion dollar "Paycheck Protection Program" start Friday, April 3rd.

Who can apply:

  • Small businesses with 500 or fewer employees can apply.
  • Non-profits and veteran organizations are eligible.
  • Independent contractors and people who are self-emplyed can apply starting April 10th.

Loans can be up to 2 1/2 times your average monthly payroll costs, but no more than $10 million. These loans will be forgiven if businesses use the money a certain way.

Click the video for more information or click here.