Paycheck Protection Program: A Pandemic Response

[caption id="attachment_1116" align="aligncenter" width="300"] Photo by Carlos Muza on Unsplash[/caption] In the wake of a global pandemic, small businesses struggle to keep afloat. Nail shops, tailoring services, auto shops, and more were forced to shut down due to stay-at-home orders, disrupting many business owners’ main source of income. After much anticipation, the federal government rolled out the Paycheck Protection Program (PPP)−a federally backed loan program aimed to aid small businesses and contractors through trying times. "The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll." - SBA/gov The Small Business Administration (SBA) offers loan forgiveness if all employee retention criteria are met, and the funds are used for eligible expenses. Businesses must use the entire fund on essential expenses such as rent and payroll for the…
Read More