The CARES Act established a $349 billion SBA-backed Paycheck Protection Program (PPP) to provide immediate access to capital for small businesses who have been impacted by COVID-19.
The PPP is specifically designed to help small businesses keep their workforce employed and assist with payroll and other business operating expenses. It will provide critical capital to businesses without collateral requirements, personal guarantees or SBA fees. All loan payments will be deferred for six months. Most importantly, if employers maintain their payroll, certain portions of the loans can be forgiven, including payroll, interest on mortgage obligations, rent and utility payments.
Loans will be available through more than 135 existing SBA-certified lenders in Texas, including banks, credit unions and other financial institutions.