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Understanding the Paycheck Protection Program

 

The CARES Act recently passed by Congress provides loan options available to business owners, including sole proprietors, independent contractors and those classified as self-employed. The program is called the Paycheck Protection Program, and it allows business owners to receive a low interest loan that will be forgiven if the loan proceeds are used to pay employees during this COVID-19 crisis.

In this video we answer important questions about this program so you can decide as soon as possible about whether a loan is right for you, and how to apply.

Topics covered:

  • Loan options available
  • How the Paycheck Protection Program works
  • Who is eligible
  • Where to apply
  • How to begin the process
  • Types of businesses eligible
  • Maximum amount to borrow
  • How the proceeds can be used
  • How to get the loan forgiven
  • Covered period of the loan
  • How much will/can be forgiven
  • When is the loan forgiven
  • Interest on the forgiven loan amount – responsibility
  • Interest rate and terms
  • Application deadline
  • Economic Injury Disaster Loan – convert to PPP loan?

Webinar Recorded: Friday April 3, 2020
Presented by: Vincent J. Russo,
J.D. Russo Law Group, P.C. & ElderCounsel Principal, Valerie L. Peterson, J.D., ElderCounsel CEO
Duration:
30 minutes

Download Materials: (205.2 KB)
Materials include: Understanding the Paycheck Protection Program (PDF)

Paycheck Protection Program Loan FAQ
Document Library Resource

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