The Paycheck Protection Program is a loan program created by the Coronavirus Aid, Relief, and Economic Security (CARES) Act, designed to provide support for small businesses to be able to keep their workers on the payroll during this uncertain time.
Other program benefits include:
- Loan Payments will be deferred for six months
- No Collateral or personal guarantees are required
- TSB will not charge you any application fees to apply for this program, nor will the government
SBA will forgive loans if all employees are kept on the payroll for eight weeks and if the borrowed money is used for payroll, rent, mortgage interest, or utilities.
For additional information from the SBA and others about the special lending programs being created as a response to COVID-19,
you may want to review materials provided by these trusted sources: