Tennessee Senator Shane Reeves of Murfreesboro recently reminded business owners to utilize the Paycheck Protection Program.

Reeves told the public, "Business owners - please take advantage of the Paycheck Protection Program (forms can be found HERE). It can provide you with a 100% federally guaranteed loan. It can be used for payroll, rent, and utilities for 2.5 months."

The Small Business Administration says that the Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. The SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.

If a company uses a portion of the funds from the loan for needs outside of payroll, utilities, rent or mortgage interest, the portion that is not forgiven will have a maturity of 2 years and an interest rate of 1%.