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Paycheck Protection Program

Under the new Paycheck Protection Program and Health Care Enhancement Act, more than $300 billion is going to replenish the crucial Paycheck Protection Program (PPP)

Created under the CARES Act, the initiative provides 100% federally guaranteed loans to help small businesses keep workers employed amid the pandemic and economic downturn. 

Already, the PPP has supported small businesses across the nation and has saved over 30 million jobs, including over 1.2 million in Texas alone.

In the first rounds of funding, 134,737 loans were approved in Texas with a total of $28 billion in funding. The average loan was $200,000 – and these went directly to main street businesses.  

Those interested in applying for the Paycheck Protection Program should visit a participating lender to complete an application and submit the required documentation. The program is open until June 30, 2020.

You can find a list of eligible local lenders here.

Learn more about the Paycheck Protection Program here.

See form to apply for the Paycheck Protection Program here.

Helpful links:

Paycheck Protection Program frequently asked questions (FAQs)

Business loan program temporary changes; Paycheck Protection Program requirements

PPP – How to calculate maximum loan amounts by business type