Yes. The program includes loan forgiveness covering costs for the first eight weeks of the loan for companies able to keep employees on payroll or continue paying bills throughout the coronavirus crisis.
The amount of loan forgiveness will include payroll costs for individuals below $100,000 in annual income, mortgage and rent obligations, including interest and utility payments. If an employee is above a $100,000 annual salary, the first $100,000 will be factored into the company’s loan forgiveness total but any amount above that will not. As of Wednesday morning the SBA had not decided whether benefits will factor into that cap.
The total amount of forgiveness will be reduced if your workforce is drawn down through attrition or if wages are reduced. If you are forced to lay off employees because of economic conditions, you may be able to preserve some of your loan guarantee by hiring them back.
WaPo’s FAQ about the program seems pretty good.