Editor’s note: Regulations and guidance from the SBA and the U.S. Department of Treasury on the PPP are evolving rapidly. Please refer to the latest guidance from SBA and Treasury to confirm current program rules and how they apply to your particular situation.
In March, the United States experienced a record-breaking number of unemployment claims—over 10 million in total. If you had to make the difficult decision to let employees go due to the coronavirus, you’re not alone.
For many business owners, the Paycheck Protection Program (PPP) may provide some relief. The PPP is designed to help small businesses and others retain and rehire their employees and maintain business operations. PPP loans may even be forgivable, in whole or in part, if borrowers meet certain requirements.
Business owners may be eligible for PPP loans if they’ve already laid off their workers due to the coronavirus. These business owners must rehire employees and restore their pay as of February 15, 2020, before December 31, 2020, or before the date they submit their loan forgiveness application, whichever comes first. The rehiring process can be a bit intimidating. Fortunately, you get to skip the hardest part: finding qualified workers. Here are four steps to help you get employees back on the payroll.