244. Overview of the Paycheck Protection Program, COVID-19 pandemic loans to small businesses

This episode is U.S. specific, as I discuss the Paycheck Protection Program, which is an element in the CARES Act passed by Congress yesterday.  

Topics covered:

• Who is eligible for the loan
• The maximum amount you can borrow
• How you can get the loan forgiven. Yes, I said forgiven.
• The interest rate for any portion of the loan not forgiven
• The application deadline
• And whether you can double dip if you already got a Small Business Administration Economic Injurty Disaster Loan (EIDL) related to COVID-19

Useful links:

The full text of the CARES Act

https://www.govinfo.gov/content/pkg/BILLS-116hr6379ih/html/BILLS-116hr6379ih.htm

Articles from bench.co that do a great job of summaring the Paycheck Protection Program as well as the full CARES Act

https://bench.co/blog/tax-tips/coronavirus-relief-bill/

https://bench.co/blog/operations/paycheck-protection-program/

A press release on the PPP from the US Senate Committee on Small Business and Entrepreneurship

https://www.rubio.senate.gov/public/_cache/files/ac3081f6-14ae-4e6f-9197-172ede28badd/71AB6CB05A08E369E0D488A80B3874A5.faqs---paycheck-protection-program-faqs-for-small-businesses.pdf

A blog post from the Economic Innovation Group that has a nice table summarizing the key features of the Paycheck Protection Program

https://eig.org/news/understanding-the-paycheck-protection-program

A link to CareerOneStop.org, which has links to the Unemployment program website for every state

https://www.careeronestop.org/LocalHelp/UnemploymentBenefits/find-unemployment-benefits.aspx

A summary from Golenbock Eiseman law firm

https://www.golenbock.com/wp-content/uploads/2020/03/GEABP-Alert-Federal-Assistance-For-Small-Business-Under-the-Cares-Act-March-27.pdf

Forbes article

https://www.forbes.com/sites/peterjreilly/2020/03/27/paycheck-protection-program-looks-like-a-very-sweet-deal/#29fe80b51c60