We use cookies to provide you with a better experience. By continuing to browse the site you are agreeing to our use of cookies in accordance with our Cookie Policy.

logo
  • Engineers & Specifiers
  • Contractors & Installers
  • Wholesalers & Distributors
  • Sign In
  • Create Account
  • Sign Out
  • My Account
Free Subscription
  • Sign In
  • Create Account
  • Sign Out
  • My Account
  • PRODUCTS
    • Bath & Kitchen
    • Fire Protection
    • HVAC
    • Hydronics/Radiant
    • Plumbing
    • PVF
    • Tools
  • PROJECTS
    • Commercial
    • Green Building
    • MRO/Retrofit
    • Remodeling
    • Residential
  • HOW TO
    • Design
    • Fire Protection
    • Legal Matters
    • Management
  • BUSINESS
    • Buying Groups
    • Technology
    • Associations
  • CODES & STANDARDS
    • ANSI
    • ASHRAE
    • ASSE
    • Regulations
    • Green Building
    • IAPMO
    • ICC
    • NFPA
  • RESOURCES
    • Media Kit
    • Advertise
    • Contact Us
    • Classifieds
    • Digital Editions
    • Behind the Wall
    • Webinars
  • BUYER'S GUIDE
  • DIGITAL EDITIONS
Home » Today’s the Day to Tap into the Payroll Protection Plan

Today’s the Day to Tap into the Payroll Protection Plan

April 3, 2020
No Comments
Today’s the Day to Tap into the Payroll Protection Plan

Friday, April 3 is the first day small business owners can start applying for loans through the Payroll Protection Program, a part of the $2.2 trillion stimulus package signed into law on March 27.

That program, costing about $349 billion, offers loan guarantees for small businesses, offered through the Small Business Administration and its partner banks.

Specifically, it lets businesses take out loans totaling 250 percent of their average monthly payroll in 2019. If they spend at least 75 percent of that money to pay their workers, they’ll be eligible to have the loans fully forgiven at federal expense. The application is a simple two-page form, plus documentation.

While there still remain a lot of questions regarding the loans, here’s a brief description on the program directly from the SBA:

“The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.

“SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.

“You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program.

“Lenders may begin processing loan applications as soon as April 3, 2020. The Paycheck Protection Program will be available through June 30, 2020.”

In addition, here’s a good FAQ on the program.

Business Contractors & Installers Engineers & Specifiers Wholesalers & Distributors COVID-19 Business Resources
  • Related Articles

    ThermOmegaTech to Sponsor PHCPPros Webinar: "Time-to-Tap is the Tip of the Iceberg"

    The Secret to Keeping your Retirement Plan Dollars Away from the IRS

    ACCA Opposes IRS Taxation of Payroll Protection Program Funds

You must login or register in order to post a comment.

Report Abusive Comment

Most Popular

  • Emerson to Sell InSinkErator Business to Whirlpool Corporation

  • Digitization and the Rise of Intelligent Plumbing Systems

  • U.S. Senate Passes Legislation for Research to Improve Safety, Efficiency and Resilience of Aging Plumbing Systems

  • Winsupply Partners with Drone Express to Make History

Featured Video

General video

General Pipe Cleaners - Made in the USA

Industry Events

  • 08Sep

    SFPE Forum on Fire Protection Engineering: Challenges in Storage

    Wheeling, IL
  • 11Sep

    IAPMO 93rd Annual Education and Business Conference

    Charlotte, NC
  • 11Sep

    2022 ICC Annual Conference, Expo and Public Comment Hearings

    Louisville, KY
More Events

Subscribe to our newsletters & stay updated

Subscribe & Learn More

  • Tw08 2022 cover
    Learn More
  • Pe08 2022 cover
    Learn More
  • Phc08 2022 cover
    Learn More
  • Es07 2020
    Learn More
Subscribe

More from PHCP Pros

  • Editorial Team
  • Home
  • Contact Us
  • About
  • Advertise

Follow Us

© 2022 All Rights Reserved

Design, CMS, Hosting & Web Development | ePublishing