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Home > Paycheck Protection Program: What You Need to Know

The Paycheck Protection Program: What You Need to Know.

 

  • Webinar – Understanding the Paycheck Protection Program
    Presented by: Bukaty Companies on Friday, April 3, 2020

  • PowerPoint Companion to Webinar (PDF)

  • Paycheck Protection Program Loan Application (PDF)

  • Borrower Information Fact Sheet (PDF)

Overview
The Paycheck Protection Program is a loan program created by the federal government to provide a direct incentive for small businesses to keep their workers on the payroll during the COVID-19 pandemic.

The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.

Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels.  Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.

You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program.

Lenders may begin processing loan applications as soon as April 3, 2020. The Paycheck Protection Program will be available through June 30, 2020.

 

Have More Questions?

Our HR Consulting and Training Team is available free of charge to answer your Coronavirus related questions.  Contact:

            Randy Woehl                                  913-333-3397                    rwoehl@bukaty.com
            Christina Glapa                               913-222-5562                    cglapa@bukaty.com

Useful Links for Additional Information

  • Coronavirus and Your Business Insurance: What You Need to Know 
  • Families First Coronavirus Response Act: What You Need to Know
  • FFCRA Posters
Contact us
Business Insurance: 913.951.2400
Personal Insurance: 913.777.7549
Bukaty Property & Casualty Services, Inc
4601 College Blvd Suite 100
Leawood, KS 66211



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Bukaty Companies
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4601 College Blvd. Ste 100 Leawood KS 66211 913.345.0440

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4601 College Blvd. Ste 100 Leawood KS 66211 913.345.0440
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4860 College Blvd., Ste 100 Overland Park KS 66211 913.338.5300

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