What is it?

The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities. The form on the right will show you what you could qualify for.

Fully Forgiven

Funds are provided in the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.

Must Keep Employees on the Payroll—or Rehire Quickly Forgiveness

is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.

All Small Businesses Eligible

Small businesses with 500 or fewer employees—including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors— are eligible. Businesses with more than 500 employees are eligible in certain industries.

When to Apply

Starting April 3, 2020, small businesses and sole proprietorships can apply. Starting April 10, 2020, independent contractors and self-employed individuals can apply. We encourage you to
apply as quickly as you can because there is a funding cap.

How to Apply

You can apply through your bank. The calculator shown here was provided by Chase Bank, Chicago, IL. Vernon Company is in no way a lending company, we are not financial advisors nor are we associated with the SBA. This is provided for informational purposes only.

For complete guidelines and information, be sure to visit the SBA Website: https://bit.ly/2x1T8Nl

  • Cap per individual salary is $100,000
  • Electric, Gas, Phone
  • Maximum you should request from the Payroll Protection Program

The Vernon Company is recognized as one of the largest and most successful promotional product firms in North America. Founded in 1902 by F.L. Vernon, we serve more than 40,000 customers from our Newton, Iowa corporate headquarters.

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