Paycheck Protection Program Information for Borrowers

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The Paycheck Protection Program (“PPP”) authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. All loan terms will be the same for everyone.

The loan amounts will be forgiven as long as:

  • The loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and utility costs over the 8 week period after the loan is made; and
  • Employee and compensation levels are maintained.

Payroll costs are capped at $100,000 on an annualized basis for each employee. Due to the likely high subscriptions, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs.

Loan payments will be deferred for 6 months.

Visit the U.S. Small Business Administration for more information.

Paycheck Protection Program flier

Written By

Austin Brown, N.C. Cooperative ExtensionAustin BrownCounty Extension Director & Agriculture - Field Crops Call Austin Email Austin N.C. Cooperative Extension, Camden County Center
Posted on Apr 6, 2020
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