The Paycheck Protection Program application is now available for small businesses and not-for-profits that wish to apply for benefits under the Small Business Administration’s new disaster assistance loan program.
The Paycheck Protection program, launched as part of last week’s Coronavirus Aid, Relief and Economic Security (CARES) Act, offers smaller employers financial relief which, when used for employee salaries, sick and medical leave, insurance, and mortgage and rent, will not need to be repaid. (Read our blog post with more in-depth details about the Small Business Administration Loan Relief Program).
Eligible employers include 501(c)(3) and 501(c)(19) not-for-profit organizations and businesses with less than 500 employees, sole proprietors and self-employed professionals.
CBM is here to help you navigate the benefits of this new program and better understand the application process. Please contact us now at 301.986.0600 if we can be of assistance.
Peter B. Reilly, CPA, CVA
President and Managing Partner
Councilor, Buchanan & Mitchell, P.C.