COVID-19 SMALL BUSINESS PAYCHECK PROTECTION PROGRAM (PPP)
Information provided by American Bankers Association (ABA) 4/1/2020.
The Paycheck Protection Program (PPP) provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.
Funds are provided in the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.
Must Keep Employees on the Payroll—or Rehire Quickly.
Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.
Eligible Small Businesses
Small businesses with 500 or fewer employees—including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors— are eligible. Businesses with more than 500 employees are eligible in certain industries.
When to Apply
As of April 24, 2020 - $310 billion in additional funding has been allocated to re-open the Paycheck Protection Program (PPP) to continue helping small businesses.
Marquette is now accepting applications from Marquette customers for PPP. Please review our PPP Toolkit and fill out all necessary paperwork to apply as soon as possible. Marquette is processing on a first come-first serve basis. Funds will run out.
The Paycheck Protection Program is implemented by the Small Business Administration with support from the Department of the Treasury.