UPDATE: The Payroll Protection Program has been extended through May 31, 2021.
February 24, 2020 – NEW! Changes to the Paycheck Protection Program announced this week by President Biden will put more pandemic relief money into the hands of business owners with smaller companies. Do you have 20 or fewer employees – or no employees at all? As your advocate, we want you to know about this new focus that could benefit you.
The Paycheck Protection Program (PPP) allows small businesses to obtain forgivable low-interest loans through the Small Business Administration (SBA) to cover the costs of payroll, rent, utilities and other operating expenses.
Additional changes make loans accessible to business owners who are delinquent on student loans, have non-fraud felony convictions or are non-citizens (but lawful U.S. residents).
This program officially ends at the end of March. President Biden is currently pitching a new stimulus program (the American Rescue Plan) that may include additional funding. We will keep you updated.
As an advocate who believes in your business, we’re sharing resources and guidance that could help you out right now. Because we know you want to do everything you can to save money, we’re also here for you with free quotes that could lower your rates on business insurance (or even improve your coverage). Ask a licensed Mylo agent to review your current policy and try to beat it.