Paycheck Protection Program

April 1, 2020

As part of the CARES Act, Congress created the Paycheck Protection Program (PPP) which prioritizes millions of Americans employed by small businesses and non-profits, as well as the self-employed and independent contractors. Nearly $350 billion has been authorized for 100% federally guaranteed loans toward job retention and certain other expenses amid the pandemic and economic downturn. Importantly, borrowers are eligible for loan forgiveness on certain operating costs. Generally speaking, as long as employers continue paying employees at normal levels during the eight weeks following the origination of the loan, then the amount they spent on payroll costs (excluding costs for any compensation above $100,000 annually), mortgage interest, rent payments, and utility payments can be combined and that portion of the loan will be forgiven. Due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs. The U.S. Treasury has released new details on the PPP for both borrowers and lenders (links below). The application process opens on Friday, April 3, 2020 (for small businesses, non-profits, and sole proprietorships) and on Friday April 10, 2020 (for independent contractors and the self-employed).

  • For a top-line overview of the program CLICK HERE
  • If you’re a lender, more information can be found HERE
  • If you’re a borrower, more information can be found HERE
  • The application for borrowers can be found HERE

In the meantime, there are a few things small businesses can do to prepare for applying to the PPP:

  • Review the CORONAVIRUS EMERGENCY LOANS GUIDE prepared by the U.S. Chamber of Commerce.
  •  Visit the MS SMALL BUSINESS DEVELOPMENT CENTER businesses resources website where they have a video for tips on applying.
  • The MS Small Business Development Center is encouraging small businesses to apply for both an EIDL and a PPP Loan, then decide which loan program is the right fit for your needs right now.



The ADP is monitoring COVID-19 virus developments, including updates and recommendations from the Centers for Disease Control and Prevention, as well as local and state partners. Please view our COVID-19 Update page for more information.