Small business relief is now up and running!
President Trump signed the historic CARES Act into law just hours after Congress passed it last Friday. One of the major wins from that deal is a new program to help America’s small businesses weather this global pandemic.
The Paycheck Protection Program is now up and running, offering nearly $350 billion in forgivable loans to keep companies operational and their workers employed. If eligible businesses and organizations retain their full staff and payroll—and use their loan proceeds on payroll or other eligible expenses—their loan will be 100% forgiven.
“Small Business is the backbone of the American economy, and the President has put the nation’s 30 million small businesses front and center in the response effort,” Small Business Administrator Jovita Carranza said yesterday. “And we are working hard to get them money quickly.”
Defeating this Coronavirus will require the combined effort of every American. If we all take care to follow the President’s Updated Coronavirus Guidelines, which include instructions for social distancing, we will save many American lives in the weeks ahead.
Small businesses are shouldering a large part of that burden, and President Trump wants to make sure they never face this challenge alone.
“This administration believes whole heartedly that if you are a small business, you are a critical part of the economic fabric of this country. And your viability is critical to the economic well-being of your employees,” Carranza said.