What are PPP LOANS?

FINANCE By TT August 28, 2022

The Paycheck Protection Program (PPP) is a business loan program established by the United States federal government in 2020

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PPP established during the Donald Trump administration in 2020 through the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).

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It is established to help some businesses, self-employed workers, business owners, some nonprofit organisations, and tribal businesses in continuing to pay their employees.

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Employers can apply for low-interest private loans through the Paycheck Protection Program to cover payroll and a few other expenses.

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A PPP loan's amount is roughly equivalent to 2.5 times the applicant's average monthly payroll expenses. The program is implemented by the U.S. Small Business Administration.

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The PPP loan application deadline passed on March 31, 2021.

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