Paycheck Protection Program overview
Originally signed into law on March 27, 2020 under the CARES Act, the Paycheck Protection Program (PPP) delivers relief to small businesses and their employees who have been impacted by the COVID-19 pandemic. Administered by the SBA, this program provides funds to small businesses, independent contractors and self-employed individuals. The loan funds help businesses cover expenses such as:
These loan funds also help businesses to cover expenses such as covered property damage, covered supplier costs, and covered worker protection expenditures.
On December 27, 2020, President Trump signed the latest COVID-19 relief package into law. The package provides for updates to the Paycheck Protection Program, including new loans, forgiveness on existing loans, and second draw loans.
To date, Synovus has assisted in closing approximately 19,000 loans totaling 2.9 billion dollars since the program’s introduction.
What happens next with the Paycheck Protection Program?
On January 19, 2021, Synovus will begin accepting PPP loan applications. In the meantime, we’d like to share a few tips and reminders to help you prepare.
Second draw applicants