Coolidge Wall Outlines Key Features of the Paycheck Protection Program For Your Business

In COVID-19 Information Hub by Coolidge Wall

The Paycheck Protection Program provides approximately $350 billion for a temporary supplement to the SBA’s current loan program through which SBA-approved banks are authorized to make loans to qualifying eligible entities. The PPP has three key components:

  • Expanding the businesses that are eligible for loans;
  • Modifying the loan terms, including eliminating guaranty and collateral requirements of the borrower; and
  • Allowing all or a portion of the loan to be forgiven if the borrower maintains its payroll during the eight-week period following the funding and uses the loan proceeds as permitted. SBA-approved banks are moving expeditiously to create simple PPP loan application portals and instructions to make the application and funding process faster and more efficient.

Below is a summary of the key features of the Paycheck Protection Program.

Summary of Key Features of PPP.pdf

Visit our Coolidge COVID-19 Resource Center for more information.

Disclaimer: The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. We invite you to contact us and welcome your calls, letters and electronic mail.