The paycheck protection program is a SBA backed loan created to provide incentive to small businesses to keep their employees on the payroll.
To qualify, you must show a 25% or more decrease in revenue. You can show this by comparing any 2020 quarter's revenue vs the same quarter in 2019.
At a minimum 60% of the PPP loan needs to be used for employee benefit costs, group health insurance expenses and payroll.
The other 40% can be used as for,
You can receive upto a maximum of 2 million dollars. Most businesses can calculate how much they will receive by multiplying their average payroll cost in 2019 by 2.5.
Seasonal employers can calculate using any 12 week period between feb. 15,2019 and feb. 15, 2020.
Food and accommodation businesses can be eligible to upto 3.5 times their average payroll costs.