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News & Press: Policy & Advocacy

Payroll Protection Program FAQs

Wednesday, April 1, 2020  
Posted by: Lara Richardson
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In an eblast yesterday, we included information about the Payroll Protection Program that was included in the federal CARES Act.

The Paycheck Protection Program is designed to provide a direct incentive for small businesses (including non-profits) to keep their workers on payroll by providing each small business or nonprofit a loan up to $10 million for payroll and certain other expenses. 

If all employees are kept on payroll for eight weeks, the Small Business Administration will forgive the portion of the loans used for payroll, rent, mortgage interest, or utilities.

Up to 100 percent of the loan is forgivable.

They've released a set of FAQs here, including a link to the application.

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