The Paycheck Protection Program is ground-breaking and has been a lifeline to thousands of businesses through the pandemic. Created by the CARES Act, the program provides loans for employers who have been affected by the pandemic. At its most basic level, the money is meant to assist a business in keeping all its employees working and paid through the hardships of the pandemic. After a period of 10 months or less, PPP loan borrowers can apply for complete or partial forgiveness. Full forgiveness is especially likely for smaller PPP loans.
Looking for resources on PPP loans? MP’s HR services team has compiled a full library for you. eBooks, webinars, and blog articles will help you navigate the multifaceted paycheck protection program. MP’s resources cover your questions about every area, from the application process and who is eligible, to how to spend your PPP loans, to PPP loan forgiveness and the PPP forgiveness application, to how your PPP loan may affect your taxes.
It’s worth noting that the paycheck protection program changes its parameters and requirements frequently. The MP team also keeps up on the latest PPP loans news, so keep checking back for updated materials and guidance. For more personalized attention and assistance, reach out to MP to see how our HR consulting experts can help your team navigate this complicated process (as well as our many other HR solutions).