Get Paycheck Protection Program (ppp) Information Sheet ... - Bsnb

The Paycheck Protection Program established by the CARES Act, is implemented by the Small Business Administration with support from the Department of the Treasury. This program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits.

Much like home mortgage information is publicly accessible, the SBA published data related to recipients of PPP loans. The SBA announced what information would be made available in a press release in 2020.

For Borrowers A borrower can apply for forgiveness once it has used all loan proceeds for which the borrower is requesting forgiveness. Borrowers can apply for forgiveness any time up to the maturity date of the loan.

Small businesses with 500 or fewer employees—including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors— are eligible. Businesses with more than 500 employees are eligible in certain industries.

Being required to repay your PPP loan depends on if your PPP loan forgiveness application is approved. Once the SBA has issued a decision about the amount that will be forgiven, the borrower is responsible for repaying any remaining amount plus interest, which accrues beginning when the loan is disbursed.

Frequently Requested Records The publicly released PPP data is based on information submitted by the lender to SBA. For concerns about publicly released EIDL data, please email disastercustomerservice@sba.gov.

The U.S. SBA regularly publishes PPP loan data for all past PPP loan recipients. All data in this search comes directly from the publicly available PPP data on the SBA website.

Payroll Bank account statements or third-party payroll service provider reports documenting the amount of cash compensation paid to employees. Tax forms (or equivalent third-party payroll service provider reports) for the periods that overlap with the Covered Period:

To be eligible for loan forgiveness, businesses have up to 24 weeks from the date the loan is received to spend the PPP proceeds If you do not apply for forgiveness, you will have to pay back the total amount of the loan.