Coronavirus (COVID-19) Resource Center > Payroll Protection Program (PPP)


Under the CARES Act, the government has approved $350 billion in funds that will be offered to small businesses. The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. The SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.

Learn more about the PPP for Owner Operators / 1099s.


What can the funds be used for?

  • Payroll
  • Rent or interest on mortgage payments
  • Utilities
  • Health Insurance Premiums

How much can I get?

  • 2.5x your average monthly payroll expense (based on 2019 expenses)
  • Any salary over $100k annually not included.
    • If an employee made $120,000 their contribution to the monthly payroll expense would be capped at $8,333.33, not $10,000

How to Apply:

  • Apply at the bank you have your checking account with

How is the Loan Forgiven?

  • Use funds within 8 weeks of receiving loan proceeds
  • Limit the usage of the funds to: Payroll, Rent, Interest on Mortgage, Utilities, Health Insurance Premiums.
  • Must keep all employees on payroll or rehire employees that were laid off that were on payroll as of 2/15/2020.

What Happens if I use the funds in another way?

  • If the loan is used for other expenses or not all employees are retained then a percentage of the loan will not be forgiven.
  • Any portion not forgiven must be repaid within 2 years and has a 0.5% interest rate.
  • All payments are deferred for 6 months.

Keep in Mind:

  • You will be asked to keep track of the expenses you paid with the funds.
  • You are eligible to use both the EIDL and a Payroll Protection Program (PPP) loan, but you cannot use both loans to pay for the same expense.

Additional Resources

Learn more about the Economic Injury Disaster Loan