In this video [in Spanish], we discuss how the Paycheck Protection Program (PPP), included in the CARES Act, works.
We talk about:
- The requirements to apply: this includes the different documents and information about your payroll and business that you will need to provide to your banks
- The terms of the loan: today, these are set at 1% interest to 2 years without prepayment penalty.
- The conditions for debt forgiveness: if the loan is used to cover certain expenses, such as payroll and rent, your loan could be forgiven by 100%
- Which documents you must have at hand when submitting your application.
- How to calculate your payroll costs to get the amount you are entitled to borrow