To incentivize keeping workers employed and to cover eight weeks of business payroll expenses, the PPP provides $349 billion in Small Business Administration (SBA) loans to qualified businesses, nonprofits and independent contractors.
Electric co-ops and other businesses employing 500 employees or less (or industry-specific SBA size standard, which may be higher) or with 500 employees or less at each location may qualify.
Businesses must apply by June 30 to qualify for up to $10 million in loans, which can be forgiven.
PPP loans are forgiven without interest after the eight weeks if used for payroll, mortgage interest, rent, leases and utility service agreements in that period. PPE loan money cannot be used for employee compensation over $100,000 and prepayment of debt. PPP loans can be used for inventory and other expenses, but using the loans for these expenses will not be forgiven.
Recommended links:
U.S. Department of Treasury Fact Sheet
Small Business Administration Loan Resources
Small Business Administration Sample Application form