Small business owners who have 500 or fewer employees, including self-employed individuals, may be able to benefit from the Coronavirus Aid, Relief, and Economic Security (CARES) Act that was passed last week.

One of the most compelling parts of the Act is the “Paycheck Protection Program” (PPP), an emergency lending facility, administered by the Small Business Administration (SBA) to provide small business loans on favorable terms to borrowers impacted by the current state of economic uncertainty.

With the Payment Protection Program (PPP loan), Small Businesses can request loans up to 2.5 times the average monthly payroll expense over the previous year (with total loan amount capped at $10M). There are other Small Business loans available as well.

“These PPP loans can be 100% forgivable if you use the money for the stated fixed operating costs.”

The goal of the Paycheck Protection Program is to accomplish two fundamental goals: 1). Help small businesses cover their near-term operating expense during the worst of the crisis, and 2). Provide a strong incentive for employers to retain their employees. Already, many businesses have closed their doors, helping fuel a record number of new unemployment claims.

These PPP loans can be 100% forgivable if you use the money for the stated fixed operating costs. Due to the anticipated high usage, it is believed that businesses will need to allocate 75% of this loan to payroll costs and 25% for other specific fixed costs.


Who qualifies?

  • Businesses
  • Self-Employed Individuals
  • Independent Contractors
  • Non-Profits
  • Tribal businesses
  • Veteran’s organizations


What can the loan be used for?

  • Payroll costs, including employee benefits
  • Rent pursuant to a lease in force before February 15, 2020
  • Utilities which began before February 15, 2020
  • Mortgage interest obligations incurred before February 15, 2020


What are the terms?

  • 2 years with an interest rate of 0.5%


How do you apply?


The Paycheck Protection Program is a critically-needed lifeline for American small businesses.  For more information and details about the program, visit:

Colleen Wysong is a Principal and the Director of Operations and oversees business procedures, technology, and Aspyre’s compliance standards. She develops, maintains and communicates the firm’s information processes and data management systems. She works to ensure the firm is meeting quality client service and performance targets as well as facilitating the human resource policies and procedures. For help with your specific situation contact Colleen Wysong at, (913) 345-1881 or visit our website at We help successful people Master What’s Next® – whatever phase of life they are in.