The $349 billion Federal Paycheck Protection Program began Friday, April 3rd. The Program will provide much-needed relief to millions of small businesses so they can sustain their businesses and keep their workers employed. This measure provides small business job retention loans to provide eight weeks of payroll and certain overhead to keep workers employed.
Businesses can go to a participating SBA 7(a) lender, bank, or credit union, apply for a loan, and be approved on the same day. The loans will be forgiven as long as the funds are used to keep employees on the payroll and for certain other expenses. The new loan program will be available retroactive from Feb. 15, 2020, so employers can rehire their recently laid-off employees through June 30, 2020.
The Paycheck Protection Program is specifically designed to help small businesses keep their workforce employed. Visit SBA Website for more information on the Paycheck Protection Program. Visit the CARES Act on the U.S. Treasury Website for more information on SBA’s assistance to small businesses.
From the office of Senator Patrick M. Gallivan
59th Senate District