The SBA Paycheck Protection Program is designed to keep your workers on payroll and your doors open. The program provides access to low interest and partially to fully forgivable loans to small business owners and nonprofit organizations with no personal guarantee or collateral required. Funds may be used to help pay business payroll, utilities, and other operating expenses during the Covid-19 outbreak.
The $900 billion stimulus is the first significant aid package since the $3 trillion CARES Act passed at the beginning of the pandemic. Here is the House Appropriation Committee’s detailed summary of the relief package. Included is $284 billion for another round of the Paycheck Protection Program. Details on the Paycheck Protection Program are summarized starting on page 11. At this time, LISC and immito are awaiting further guidance from the SBA to determine if and how we will be participating in this round. We will make information available on our website at lisc.org/ppp.
Contact
For any questions, email us at paycheckprotection@lisc.org.