Paycheck Protection Program
Kingswood can help you get 2.5x your monthly payroll (up to $10M) as a forgivable loan through our funding partners. Funds are limited so apply today.
What is the Paycheck Protection Program?The Paycheck Protection Program is a specific type of federally guaranteed loan intended to keep America’s businesses going during the temporary turmoil of the global pandemic. The SBA will empower businesses to borrow money based on the average cost of their monthly payroll. The money can be used for payroll costs, employee benefits, insurance premiums, mortgage interest, rent, utilities and more.
Paycheck Protection Program Highlights
How Does the Paycheck Protection Program Work?
Who is Eligible?
- Business must have been in operation as of February 15th, 2020.
- Businesses must have paid salaries and payroll taxes or paid independent contractors.
- Sole-proprietors, independent contractors, and other self-employed individuals are eligible.
- Businesses with no more than 500 employees.
- 501(c)(3) nonprofit, a 501(c)(19) veteran’s organization, or Tribal business described in section 31(b)(2)(C) of the Small Business Act with 500 or fewer employees are also eligible.
- The program waives affiliation rules for businesses in the hospitality and restaurant industries, franchises that are approved on the SBA’s Franchise Directory, and small businesses that receive financing through Small Business Investment Company (SBIC).