Payroll Protection Program (PPP)
The CARES Act includes $350 billion for federally guaranteed loans for small businesses, sole proprietors, self-employed individuals and independent contractors affected by the COVID-19 crisis. These loans can be forgiven if the proceeds are spent on payroll, benefits, mortgage interest, rent and utilities. According to the latest guidance from the Treasury Department, 75% of the loan proceeds should be spent on payroll costs.
For full details, visit: https://venturize.org/resources/payroll-protection-program