Paycheck Protection Program to Keep Employees on Payroll

Todays News

BY JACOB OGLES SRQ DAILY MONDAY BUSINESS EDITION MONDAY APR 6, 2020

A variety of businesses have seen such a hit to revenues amid the global CVID-19 pandemic they have had to lay off employees, whether full-time, part-time or contract workers. But the Paycheck Protection Program, part of the $2.3-trillion rescue bill passed by Congress, aims to ensure those workers keep their jbs.

Sen. Marco Rubio, R-Florida, played a significant role in setting aside $359 billion for the program. “Knowing quarantines and closedowns in the U.S. deeply impacted small businesses, this has developed in a way that the plan had to get much bigger,” Rubio said..

At a recent webinar, he stressed the program would cover all employers, so long as an employer could verify they were an existing part of a business’ payroll. And since business owners will wrk through the Small Business Administration, they should be able to verify that though their own lender at a community bank in most instances.

The Economic Development Corporation of Sarasota County and other business organizations have been promoting the program, noting it will be powered through 100% federally guaranteed loans.

“If employers maintain their payroll, the loans would be forgiven, which would help workers remain employed, as well as help affected small businesses and our economy snap-back quicker after the crisis,” reads the EDC website.

“PPP has a host of attractive features, such as forgiveness of up to 8 weeks of payroll based on employee retention and salary levels, no SBA fees, and at least six months of deferral with maximum deferrals of up to a year. Small businesses and other eligible entities will be able to apply if they were harmed by COVID-19.”

The program will be available retroactively to companies that can verify the impact back to Feb. 15, and for any who become affected before June 30. It will be available to companies and most nonprofits with 500 employees or less per physical location.

Economic Development Corporation of Sarasota County FAQs

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