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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.
While there has been some criticism of the program, including reports that some funds were taken by companies that didn't qualify as small businesses, employers can take some comfort in the knowledge that the program seems to be continuing, even as the country finds its way through this crisis.3
If you're a small business owner, you may be wondering how to take advantage of the PPP. If you previously applied to the program without success, I would encourage you to apply again. It's possible that some of the issues that prevented money from getting to small businesses may be resolved in this latest round of funding.
Remember, if there's anything we 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