9 Things You Need to Know About Paycheck Protection Program (PPP)

by | Apr 6, 2020 | AGM Blog | 100 comments

With 6.6 million unemployment claims in the USA, the government decided it needed a way to help businesses move towards resiliency and stay afloat.

So, they came up with a $2 trillion emergency stimulus package.

And, they are giving away $349 billion in total with this Paycheck Protection Program!

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Below is the most straightforward guide to the Paycheck Protection Program (PPP) I can give you at this time.

In this, you’ll learn the essentials about what it is, its requirements, and more.

Let’s find out if you’re qualified!

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1. What is PPP?

The Paycheck Protection Program is financial assistance from the government through forgivable loans to help small businesses pay their employees and some of their bills.


2. Who is qualified to apply?

All businesses in the United States – including sole proprietors, partnerships, independent contractors, eligible self-employed individuals, veterans organizations, tribal businesses, and others – consisting of 500 or fewer employees can apply. 

If you have more than 500 staff members, you could still qualify if you meet the requirements posted here.

You also need to prove that due to economic uncertainty, you need the loan to support your current operations.


3. What can I use this loan for?

This loan is only to be used for:

  • Payroll costs, including commissions, tips, leave, taxes assessed on compensation, and other benefits.
  • Mortgage fees
  • Rent
  • Utility bills

4. When can I apply?

The application process begins April 3, 2020, for the small businesses and sole proprietorships. 

Independent contractors and self-employed individuals can start appling on April 10, 2020.


5. How long will this program last?

Although it will last until June 30, 2020, loans will be given out on a first come, first serve basis.

I encourage you to apply RIGHT AWAY, because this money will run out.


6. How large can my loan be?

It can be up to 2 months of your average monthly payroll for the past year (January – December 2019) plus an additional 25% of that amount to cover non-payroll costs. However, it will be capped at $10 million for each loan. Each employee will also be capped at $100,000.

7. How can my loan be forgiven?

  • You can file a request to the lender doing the service for your loan. You must include documents that show you used the money for payroll costs and mortgage, rent, and utility bills within 60 days. The lender will make the decision.
  • You must keep the number of staff you had from the day you were granted the loan, or your forgiveness will be reduced.
  • Maintain payroll. If the salaries of the employees are reduced by more than 25% for anyone who had less $100,000 annualized in 2019, your loan forgiveness will be reduced.

8. When do I need to start paying?

There will be 6-months deferment of payment. However, interest will continue to accrue over this period with a fixed rate of 1%.

The loan will be due in 2 years, but you can  pay it earlier without prepayment penalties.


9. Can I get the PPP through any bank?

The best advice would be to contact your bank representatives because it needs to be an approved bank by the SBA.

For more information, visit sba.gov


This is an unprecedented, NEVER BEEN DONE BEFORE, Federal program to benefit American businesses and citizens.

This is not something the government is doing to get taxes from us. They are doing it so we can continue growing. Because too many businesses die that collapse the world economy.


Why did I write this?

I wrote this guide because I want to help businesses thrive and survive. 

Like you, my income has come crashing down. But I’m not sad about it. In fact, I’m more energized than ever because I know there can be massive growth after a struggle like this.

Also, since we are a B2B organization, we would be useless if all the businesses we serve and want to serve got devoured in an economic fallback. 

If there’s no business, we have no jobs. 

I was not paid by the SBA to create content about PPP. I am doing this to support businesses and create value, so I can continue doing what I’m passionate about. 

Challenges like this make me so eager to help! 

By the way,

I don’t normally advocate anyone take government benefits, but due to this massive pandemic I say forget about pride for now and please, take this offer.

In case there is any doubt as to whether I or not I recommend you apply today, the answer is…


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