Paycheck Protection Program Round 3 - An Ultimate Guide

The Paycheck Protection Program (PPP) Round 3, part of the Consolidated Appropriations Act, provides loans to help businesses retain employees during the COVID-19 pandemic. Businesses with 500 or fewer employees that were operational before February 15, 2020, can apply. PPP loans have 1% interest, five-year maturity, and a possibility for full forgiveness if used for eligible expenses like payroll and rent. First-draw loans offer up to $10 million, while second-draw loans are available for up to $2 million to businesses with significant revenue loss. The SBA's Lender Match can help find eligible lenders.