The latest answers to your questions
Coronavirus Relief Loan – The CARES Act’s Paycheck Protection Program (PPP)
We’re here to help keep you informed. Answers will be updated as new details become available based on guidance from the US Treasury Dept., the Small Business Administration, and lenders processing and issuing PPP loans.
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Will this loan help with working capital?
Yes. You should use the proceeds from these loans on your:
- Payroll costs, including benefits;
- Interest on mortgage obligations, incurred before February 15, 2020;
- Rent, under lease agreements in force before February 15, 2020; and
- Utilities, for which service began before February 15, 2020.
- Note: SBA Disaster loans made between 1/31/20 and the date the PPP funds are available may be refinanced with a PPP loan.
For individuals with self-employment income (such as an independent contractor or a sole proprietor) who file a Form 1040, Schedule C, please review the new interim final rule, issued on April 2, 2020, by the SBA to understand how PPP loans can be used.
