The Paycheck Protection Program from the CARES Act authorizes up to $349 billion in forgiveable loans to small businesses to pay their employees during the COVID-19 crisis. All loan terms will be the same for everyone. For additional information, including what qualifies the loan to be forgiven, please see the SBA's Paycheck Protection Program page and the Paycheck Protection Program Information Sheet.
NOTE: Sage is closely monitoring government reporting (e.g. 941). This article may change as more information becomes available. Reporting for PPP loans will not be required until Q2. It is recommended to work with your accountant or CPA to determine which program(s) under the CARES Act will be best for your business.
We have created a Sage Knowledgebase article providing information about reporting you may need to run in order to apply for a loan under this program.