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Asked a question 2 years ago

I laid off my staff (19 employees). Am I eligible for the Payroll Protection Loan? It is my understanding that the loan is only available to those who kept their staff on payroll.

Where am I?

In Multifunding SBA CoronaVirus Support you can ask and answer questions and share your experience with others!

Based on what I heard on the webinar, you would eligible. You will be encouraged to hire back your employees. You can take a loan for their payroll and it will be covered for 2 to 2.5 months. That loan will be forgiven as long as it goes to their payroll. There may be one or two other stipulations, like they will compare it last years payroll and such, but I am not 100% positive 

The loan is intended to both retain or rehire employees.  That’s one reason they are offering it ... to keep or get people back working.  In the end, how much is forgiven will be based on your payroll over the 8 week period after the loan is funded along with some other expenses listed in the code.  So, yes you are allowed to get a loan