On July 1, Congress approved an extension of the Paycheck Protection Program and the bill was signed into law on July 4th. Small businesses will now have until August 8, 2020 to apply.
Information on loan forgiveness can be found HERE.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $660 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses.
Small businesses and sole proprietorships—generally, those with 500 or fewer employees. PPP loans will be fully forgiven when used for payroll costs, interest on mortgages, rent and utilities, with at least three quarters of the forgiven amount being used for payroll; forgiveness is based on employers maintaining headcount or quickly rehiring and maintaining salary levels.
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(Guidance and spreadsheets are subject to change as we receive more specific SBA Guidelines.)
For the latest information on the Payroll Protection Program, please visit the U.S. Department of Treasury website.
Economic Injury Disaster Loan (EIDL)
The City of Scranton Small Business Relief Loans
PA Coronavirus Small Business Assistance Program
Businesses will be eligible to apply when applications open if they have annual gross revenues of $1 million or less AND have no more than 25 full time equivalent employees (FTE).