With the passage of the $2 Trillion dollar CARES Act, small businesses will have access to $350 billion in forgivable loans if they meet certain requirements. The Small Business Administration, under the stimulus package, will oversee the Paycheck Protection Program, which will distribute $350 billion to small businesses that can be partially forgiven if the companies have 500 or fewer employees and use them to keep paying people who earn less than $100,000 a year.
How soon will the money arrive?
It will take “a week or two" to get the PPP loans flowing, said Chris Maher president of New Jersey-based OceanFirst Bank.
How long will the money last?
The Payroll Protection loans are designed to stretch for the next three months.
For more program information, click here.