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Paycheck Protection Program OMB Control No : 3245-0407

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The document is a revised Borrower Application Form for the Paycheck Protection Program (PPP), designed to assist small businesses in obtaining loans under the CARES Act. It outlines eligibility criteria, required information about the business and its owners, loan purpose, and certification statements that applicants must agree to. The form collects demographic data voluntarily and includes instructions for calculating average monthly payroll and determining loan amounts. It emphasizes compliance with federal regulations and the proper use of loan proceeds.

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What is the Paycheck Protection Program and how does it work?

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.

What is PPP and how does it work?

Purchasing power parity is an economic term for measuring prices at different locations. It is based on the law of one price, which says that, if there are no transaction costs nor trade barriers for a particular good, then the price for that good should be the same at every location.

Do you have to pay the PPP loan back?

As of January 2025, there are no plans to forgive outstanding SBA EIDL loans.

What does the Paycheck Protection Program do?

The Paycheck Protection Program is a 2020 program that offered forgivable loans to small businesses during the COVID-19 pandemic, providing funds to maintain payrolls, hire back laid-off employees, and cover expenses such as rent, mortgage interest, and utility bills.

Is PPP a loan or free money?

Get information about the SBA loan program that helped businesses keep their workforce employed during the COVID-19 crisis.

Are PPP loans under $50,000 automatically forgiven?

Borrowers of loans of $50,000 or less can now have their loans completely forgiven, essentially turned into grants that do not need to be paid back, by using a check the box self-certification process that the funds were used appropriately.

Who qualifies for PPP money?

Small businesses with 500 or fewer employeesincluding nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors are eligible.

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