But this particular program essentially created a grant (free money) for you to use to pay your employees, as well as your rent (see below for all qualifying expenses), through this rough patch we’re experiencing. Look, I’m no fan of taking out loans for your business.
The PPP will allow you to continue to pay yourself, your employees, and possibly your independent contractors (those you issued a Form 1099) for an eight week period through June 30, 2020! This looks to be a promising opportunity for small business owners and the self-employed to recoup some of the damages inflicted by the economic and social effects of COVID-19 and the subsequent government response. If you’re like me and you run a small business, you could qualify for the Paycheck Protection Program (PPP).
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