What is the Paycheck Protection Program?
- The Paycheck Protection Program authorizes up to $349 billion in forgivable loans for small businesses to pay their employees and meet certain covered expenses during the COVID-19 crisis.
Who can apply?
- All businesses with 500 or fewer employees can apply, including sole proprietorships, self-employed individuals, and independent contractors. Hotel and food service businesses and certain franchises with more than 500 employees may still be eligible if they have no more than 500 employees per physical location. Businesses with more than 500 employees may also be eligible if they meet applicable SBA-employee-based size standards for their industry. More information on those standards can be found at https://www.sba.gov/document/support–table-size-standards.