Rep. Jim Hagedorn (MN-01) clarified who is eligible for the Paycheck Protection Program (PPP), which was signed into law last week in Phase 3 of the COVID-19 relief package. Starting this Friday, small business employers, sole proprietors, independent contractors, non-profits, veteran organizations and agricultural producers can apply to the $349 billion Payment Protection Program.
The PPP provides assistance for payroll, benefits, mortgage interest, rent and utilities including loans of up to $10 million. Average payroll and other costs of up to eight weeks will be forgiven if the business retains its employees and their salary levels. Eligibility for the program includes small businesses with fewer than 500 employees.