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Paycheck Protection Program

posted on Monday, April 6, 2020

The Paycheck Protection Program is a relief program available to eligible small businesses. As part of the CARES Act of 2020, the Paycheck Protection Program (PPP) was enacted to provide small business financial relief in response to the economic impact the coronavirus pandemic is causing. 

The PPP is implemented by the U.S. Small Business Administration (SBA), with support from the Department of the Treasury, to provide customers relief by providing funding to help Americans employed by small businesses toward job retention and certain other expenses. PPP provides small businesses with funds to pay up to 8 weeks of payroll costs, including benefits, as well as mortgage interest, rent and utilities. 

Applications for the Paycheck Protection Program may be filed beginning: 

  • April 3rd: Small Businesses & Sole Proprietorships
  • April 10th: Independent Contractors & Self-Employed Individuals 

For full terms of the program, visit www.sba.gov.

Contact Midwest Heritage at 1-800-782-0521 or ppp-sba@mhbank.com with any questions or for more information about the Paycheck Protection Program.

For more information on the Paycheck Protection Program for Midwest Heritage customers, click here.