The Paycheck Protection Program (PPP) is a business loan program established by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). It is designed to help certain businesses continue paying their workers during the pandemic.
The Paycheck Protection Program allows businesses to apply for low-interest loans to pay for their payroll and certain other costs. The loan proceeds may be used to cover payroll costs, rent, interest, and utilities. The loan may be partially or fully forgiven if the business keeps its employee counts and employee wages stable. The program is implemented by the U.S. Small Business Administration.