Paycheck Protection Enacted For Small Businesses

[Updated 4/3/2020] Congress passed “The Coronavirus Aid, Relief, and Economic Security Act” (CARES Act), which included the “Paycheck Protection Program” (PPP) for small businesses. PPP applications can be obtained from participating SBA lenders beginning today. Many banks have reported that they may be requiring submissions to come from current banking clients while others have been struggling to get all the necessary steps in place.

While each bank is creating its own process, there is a general SBA Paycheck Protection Program Application Form which you can download here directly from the SBA.

The PPP provides short-term cash flow assistance to small businesses to help these businesses and their employees deal with the immediate economic impact of the COVID-19 pandemic. Loans are made by lenders certified by the Small Business Administration (SBA) and guaranteed by the federal government. The SBA will administer the PPP. Wiss is available to guide you through the various relief programs being made available at the Federal and state levels.

Below is a summary description of key elements of the PPP:

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