The United States Congress has passed several measures in response to the COVID-19 pandemic designed to help small businesses, including tax rebates, tax-filing extensions, business loans, emergency relief, and modified tax treatment. Perhaps the most significant benefit, the Paycheck Protection Program (PPP) loan, which can convert into a grant for small business owners that use it to cover payroll costs.
The SBA 7(a) Paycheck Protection Program Loan offers small business owners funding of up to $10 million. If the funds are used to cover payroll, taxes, mortgage interest, and lease payments, the entire loan amount can be forgiven.
