LAS VEGAS (KTNV) — On Monday the Small Business Administration will start accepting new applications for its Paycheck Protection Program (PPP).
The program offers forgivable loans and was designed for small businesses with fewer than 500 employees to pay their employees during the COVID-19 crisis.
It has been reported that many small businesses did not receive PPP loans while some larger ones did. Nevada was in the bottom 10 of states getting aid from the first round.
According to the U.S. Treasury, the loan amounts will be forgiven as long as:
- The loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and utility costs over the 8 week period after the loan is made; and
- Employee and compensation levels are maintained.