Federal Stimulus: Quick Guide to the Payroll Protection Program

Payroll Protection Program - Here. (always be careful and check the https, there are reportedly already fraudulent websites collecting financial information).

"It's Going To Be A Mess" is the headline at Fortune Magazine.

As a recycler / junkyard operator, I'm in a rare position of having experience (as a regulator of 9 years at MA DEP) reading Federal Register rules, and know that this morning the "FINAL" Rule on the PPP - Payroll Protection Program - is not going to change. We started the application early, and had applications ready for submittal by last Thursday. But we've had to redo the application twice already.

But now it's final.

Here's what makes this blogworthy. My company has 30 employees (positions, some are vacant or seasonal). This program will lend my company money to continue payroll, and the portion of the money actually used / documented to be payroll will be eligible in ~6 months for forgiveness.  Even the portion not forgiven will only be 0.5% Changed to 1% APR to the feds plus whatever the Lending Bank adds.

Here is the link to the loan application.  I have been pursuing it NOT JUST FOR MY OWN COMPANY.  I am making calls to any company we carry an A/R or A/P with, as my future income and future required services requires THOSE companies remain in business as well.