Paycheck Protection Program Out of Funds
Steve Snowden
Accomplished senior executive and MBA graduate with over 30 years of leadership experience driving organizational efficiency, profitability, and growth across healthcare, real estate, finance, and operations.
The Paycheck Protection Program (“PPP”), established by the CARES Act, provided $349 billion in forgivable loans to small businesses to pay their employees and some operating expenses during the COVID-19 crisis. Within 2 weeks the funds have been allocated.
Secretary Mnuchin and Secretary Carranza are urging Congress to appropriate additional funds for the Paycheck Protection Program.
If you are a small business owner and have not applied for the PPP loan, I suggest you do so immediately in anticipation of the next round of loans. My advice, go to the bank where you have an existing relationship but make sure they are an SBA approved lender. The application is not difficult if you have good payroll records. Their is some clarification and guidance yet to be released as it pertains to the forgiveness portion of the loan.
For additional details, visit https://home.treasury.gov/cares.