244. Overview of the Paycheck Protection Program, COVID-19 pandemic loans to small businesses
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This episode is U.S. specific, as I discuss the Paycheck Protection Program, which is an element in the CARES Act passed by Congress yesterday.\\xa0\\xa0
Topics covered:
- Who is eligible for the loan
- The maximum amount you can borrow
- How you can get the loan forgiven. Yes, I said forgiven.
- The interest rate for any portion of the loan not forgiven
- The application deadline
- And whether you can double dip if you already got a Small Business Administration Economic Injurty Disaster Loan (EIDL) related to COVID-19
Useful links:
The full text of the CARES Act
https://www.govinfo.gov/content/pkg/BILLS-116hr6379ih/html/BILLS-116hr6379ih.htm
Articles from bench.co that do a great job of summaring the Paycheck Protection Program as well as the full CARES Act
https://bench.co/blog/tax-tips/coronavirus-relief-bill/
https://bench.co/blog/operations/paycheck-protection-program/
A press release on the PPP from the US Senate Committee on Small Business and Entrepreneurship
A blog post from the Economic Innovation Group that has a nice table summarizing the key features of the Paycheck Protection Program
https://eig.org/news/understanding-the-paycheck-protection-program
A link to CareerOneStop.org, which has links to the Unemployment program website for every state
https://www.careeronestop.org/LocalHelp/UnemploymentBenefits/find-unemployment-benefits.aspx
A summary from Golenbock Eiseman law firm
Forbes article
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