The Paycheck Protection Program Offers 2.5 Times Your Payroll

[April 2] Tomorrow lenders are expected to start processing applications for the Paycheck Protection Program, a loan designed to provide a direct incentive for businesses with fewer than 500 employees affected by COVID-19 to stay open and keep employees on the payroll. The exciting part of this Program is that part or all of the amount you may borrow can be forgiven.

Because this is such a new program, there are still some questions to be answered and LMT will keep you updated. However, we’re sharing this information now because it’s expected to be a very popular program and better to get your application in the works if you haven’t already.

Here are the nuts and bolts of the program:
The total amount of the loan available to you is 2.5 times your lab’s 2019 monthly payroll, up to a maximum of $10 million. If you don’t want to borrow that much—for example, because you no longer have as many employees—you can ask for less.

Payroll costs include:...