Trump extends Paycheck Protection Program; what owners need to know - Business Insider

What are Paycheck Protection Program funds

Paycheck Program Funds are federally backed loans that businesses can apply for to help cover expenses and maintain worker levels. Though they start as loans, businesses that meet specific criteria from the SBA can apply to have their loans forgiven so that they don't need to be paid back. Part of the program is that no fees will be attached to the loans for small businesses, no collateral is required, and repayment starts after six months. Interest rates are also set at 1%, according to theWhile the program is intended for small businesses, that title covers more than just family-owned hardware stores and ice cream shops. Asreported, freelancers and self-employed workers including gig-workers can also apply for funds.

Businesses with more than 500 employees can also access funds if they meet the SBA's size standards. Business owners who are unsure of whether their enterprise counts as a small business can use the SBA's size standards tool, located on itsLoan applicants completing the process after June 5 are subject to new loan maturity guidelines.

Loans are also processed through local banks and lenders to streamline the process as opposed to having the federal government do it. The SBA provides a list of which lenders can process applications for and issue PPP loans on its

Trump's leaving a lot of debt to Biden while other countries already have the virus under control.

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