Paycheck Protection Program Brings Relief to Small Businesses
American lawmakers have passed the Paycheck Protection Program and Health Care Enhancement Act, a program that will offer small business loans to employers in need of aid as a result of the COVID-19 pandemic.1,2
The bill is a $484 billion dollar package, of which $310 billion is earmarked for the Paycheck Protection Program (PPP).1,2
For my friends who run a small business, this is welcome news. In the wake of the pandemic, millions of small business owners have been forced to make gut-wrenching decisions regarding their operations. The PPP funds will serve to keep some smaller businesses operational and their workers paid during this uncertain time.
The program has received criticism. Some reports show that companies that did not qualify as small businesses received funding. Still, many employers feel encouraged as the government continues the program while the country works through this crisis..3
How Small Business Owners Can Apply for PPP
If you own a small business, you may wonder how to access PPP funds. If your previous application failed, consider applying again. This new funding round may resolve earlier issues that delayed payments.4,5
Remember, if there’s anything I can do to help guide you through the process, or through this uncertain time, please don’t hesitate to reach out.
1 – CNN, April 21, 2020
2 – CBS, April 22, 2020
3 – CBS, April 20, 2020
