BOSTON—If you are self-employed or own and manage a small business, Congress-funded PPP loans must be on your mind.
In an exclusive video interview on Chai With Manju, Leader Bank CEO Sushil Tuli talks about Paycheck Protection Program for small businesses and provides other financial tips including good money saving habits and PPP loan forgiveness, among others.
To watch the full interview, which is being produced as Covid Diaries by Chai With Manju, please click here, or on the image below.
Leader Bank is a nationally chartered bank with seven full-service branches in Arlington, Belmont, Boston, Burlington, and Cambridge in Massachusetts.
PPP is an Small Business Administration program funded by Congress to help small business owners pay their employees during the economic hardships caused by the coronavirus pandemic.
PPP loans are fully backed by the SBA, but the processing, underwriting and funding of these loans is done by banks, credit unions and other approved lenders. Small businesses, which are generally defined for the program as those with 500 employees or less, may apply for a loan that is 2.5 times their monthly payroll costs for the purposes of paying employees, paying rent and utilities, and certain other approved costs.