A business may receive up to 2.5 times the average monthly payroll costs from 2019. Funds provided for payroll are capped at $100,000 annualized per employee (any non-cash benefits like health care, pension, etc are not included under the cap).
Funds from the SBA Paycheck Protection Program may be used to cover payroll and/or mortgage interest, rent, or utility costs.
In order to be eligible for loan forgiveness, a business must:
Funds used for the intended purposes (see above) within the 24 weeks immediately following your acquisition of the loan amount or by December 31, 2020 (whichever comes first);
UPDATE: the PPP Flexibility Act, has adjusted the forgiveness rules so that if a business can prove that it attempted to rehire its employees but was unable to do so, it may still be eligible for loan forgiveness.