Small Business Association Announces Forgivable Loans In Paycheck Protection Program

Press release from the Village of New Lenox:

Posted on Wednesday April 1, 2020

The Small Business Association is offering a Paycheck Protection Program (“PPP”) which authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. All loan terms will be the same for everyone.

The loan amounts will be forgiven as long as:
- The loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and utility costs over the 8 week period after the loan is made; and
- Employee and compensation levels are maintained.

Please see the attachments for additional information that the SBA provided.

Paycheck Protection Program - Overview
Paycheck Protection Program - Fact Sheet
Paycheck Protection Program Application

This press release was produced by the Village of New Lenox. The views expressed here are the author's own.