Paycheck Protection Program: What you need to know

Local News

Charleston, S.C. (WCBD) – In an effort to assist small businesses during closures due to the Coronavirus pandemic, part of the $2 Trillion Stimulus Package goes to the U.S. Small Business Administration, issuing $350 billion to the Paycheck Protection Program.

Those who qualify for the Small Business Administration Paycheck Protection Program includes small businesses that meet the SBA’s size standards, a nonprofit or veteran organization, or a self-employed person.

Adam Curran, owner of Curran Financial Partners says this stimulus package is the first of it’s kind and can serve as a lifeline for some businesses during this time.

“It is a viable, reasonable, great program for small businesses to continue to make payroll,” said Curran.

The loan is served on a first come first serve basis.

“Be patient with it, but you don’t really have enough time to wait around. You really need to sign up for this asap,” said Curran.

The SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.

Loan forgiveness will be reduced if full time headcount declines or if salaries and wages decrease.

The paycheck Protection Program will be available through June 30, 2020.

Curran says he has heard there may be another round, but that stimulus package may not come around until the month of May.

“Get your name in line so work with your local banks, work with your local vendors at these banks in order to see if you qualify for this program,” said Curran.

The application, local lenders and additional resources can be found on the SBA website.

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