CARES Paycheck Protection Program and Forgiveness Option
On March 27, 2020, Congress passed the CARES Act (Coronavirus Aid, Relief, and Economic Security Act) that opened up a new type of SBA (Small Business Administration) lending program called the “Paycheck Protection Program.” The program includes a potential forgiveness element, which is expected to become a popular option for the small business owner adversely affected by the COVID-19 crisis.
Learn more about the Payroll Protection Program in this 10-minute YouTube Video, easy to follow and worth viewing. Courtesy of the Greenbush Financial Group & Money Smart Board.
You can also review and download a written guide on the Paycheck Protection Program here, prepared by the US Chamber of Commerce.