SBA's Paycheck Protection Program (PPP) offers loans of up to $10 million in partnership with select banks. This is a forgivable loan to keep employees on payroll and maintain salary levels for 8 weeks. To be forgiven, at least 75% of the loan must be used for payroll, including the cost of employer-provided health benefits. If you've already laid off your employees, this loan provides the opportunity to hire them back. The Economic Injury Disaster Loan (EIDL) program provides low-interest loans and an advance grant for businesses impacted by COVID-19.
For written material on the Paycheck Protection Program and the Economic Injury Disaster Loan program, please visit https://www.oaklandca.gov/resources/coronavirus-2019-covid-19-business-and-worker-resources.
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Posted: May 4th, 2020 5:31 PM
Last Updated: January 20th, 2021 7:50 PM
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