For businesses in the U.S., the Small Business Administration Paycheck Protection Program (PPP) launches today.
This program – a part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act – promises $350 Billion to small businesses affected by the Coronavirus Pandemic. An application form is already live on the U.S. Treasury website.
Eligible businesses can apply for loans of up to $10 Million. If small businesses maintain payroll through the crisis, some of the money borrowed through the newly created Paycheck Protection Program can be forgiven. The goal is to help small businesses and owners maintain themselves through the current climate of economic uncertainty and turmoil.
Many banks have reported delays in launching their application process but some are already up and running.
Here is a fact sheet published by the U.S. Chamber of Commerce: https://www.uschamber.com/sites/default/files/023595_comm_corona_virus_smallbiz_loan_final.pdf
SBA PPP Details (this site includes a sample application form):
https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program-ppp
– The RepairShopr Team
