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The Performance Marketing Association recently published an article on the SBA Paycheck Protection Program to help you figure out if you are eligible. Read the full post here but below is a portion of their article:
In response to the Coronavirus epidemic and the disastrous effect it is having on the United States economy, Congress passed and the President signed the Coronavirus Aid, Relief and Economic Security Act (or the “CARES Act”) which includes the Paycheck Protection Program (the “PPP”). The PPP is an expansion of an existing loan program administered by the Small Business Administration (the “SBA”). The CARES Act appropriates $349 billion for loans under PPP (“PPP Loans”).
Qualifications: Beginning on February 15, 2020 and ending on June 30, 2020, the following types of organizations are also eligible to receive PPP Loans:
- any business concern, nonprofit organization, veterans organization or tribal business concern that employs not more than 500 employees;
- any individual who operates under a sole proprietorship or as an independent contractor and other eligible self-employed individuals; and
- any business concern in the accommodation and food services industries with more than one physical location that employs no more than 500 employees per location.
Affiliates, networks and brands may well be eligible for the program, subject to the analysis above and additional requirements. For example, if a company has affiliates outside the U.S. or foreign ownership, additional analysis is needed…[finish reading here].