{"id":24321,"date":"2022-03-07T22:21:46","date_gmt":"2022-03-07T16:51:46","guid":{"rendered":"https:\/\/www.seminarsonly.com\/news\/?p=24321"},"modified":"2022-03-07T22:21:46","modified_gmt":"2022-03-07T16:51:46","slug":"what-is-a-ppp-loan-how-to-apply-for-ppp-loan-in-various-banks","status":"publish","type":"post","link":"https:\/\/seminarsonly.com\/news\/what-is-a-ppp-loan-how-to-apply-for-ppp-loan-in-various-banks\/","title":{"rendered":"What is a PPP Loan : How to Apply for PPP Loan in Various Banks"},"content":{"rendered":"

What is a PPP Loan : How to Apply for PPP Loan in Various Banks<\/span><\/h2>\n

The Paycheck Protection Program (PPP) is a $953-billion business loan program established by the United States federal government in 2020 through the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to help certain businesses, self-employed workers, sole proprietors, certain nonprofit organizations, and tribal businesses continue paying their workers.<\/p>\n

The Paycheck Protection Program allows entities to apply for low-interest private loans to pay for their payroll and certain other costs. The amount of a PPP loan is approximately equal to 2.5 times the applicant’s average monthly payroll costs. In some cases, an applicant may receive a second draw typically equal to the first. The loan proceeds may be used to cover payroll costs, rent, interest, and utilities. The loan may be partially or fully forgiven if the business keeps its employee counts and employee wages stable.<\/p>\n

The program is implemented by the U.S. Small Business Administration. The deadline to apply for a PPP loan was initially June 30, 2020, and was later extended to August 8. The Paycheck Protection Program was reopened on January 11, 2021.<\/p>\n

Some economists have found that the PPP did not save as many jobs as purported and aided too many businesses that were not at risk of going under. They noted that other programs, such as unemployment insurance, food assistance, and aid to state and local governments, would have been more efficient at strengthening the economy. Opponents to this view note that the PPP functioned well to prevent business closures and cannot be measured on the number of jobs saved alone.<\/p>\n

What is the Paycheck Protection Program (PPP)?<\/b><\/span><\/h2>\n

The Paycheck Protection Program (PPP) is a federal relief program established by Congress and implemented by the U.S. Treasury Department and the Small Business Administration (SBA) with rules, requirements, protocols and processes that all participating lenders, including Bank of America, must follow.<\/p>\n

The eligibility requirements are outlined for applicants on the\u00a0U.S. Treasury<\/u><\/a>\u00a0and\u00a0SBA<\/u><\/a>\u00a0websites.<\/p>\n

\"ppp<\/p>\n

What counts as payroll costs?<\/b><\/span><\/h2>\n

Employee payroll costs consists of the following:<\/p>\n