On Friday, March 27, the Coronavirus Aid, Relief, and Economic Security Act ( CARES Act) became US law. The largest stimulus bill in American Photo Background Removing history, the CARES Act set in motion a massive effort to provide financial relief to millions of Americans who have been economically impacted by the coronavirus pandemic, especially the 3 .3 million Americans who have filed for unemployment since March 14 , and the small businesses that employ so many. Although the CARES Act is packed with provisions for small businesses Photo Background Removing (including emergency government grants and existing loan payment coverage ), the $350 billion Paycheck Protection Program (PPP) could be the most promising part of the legislation. With its low interest rate and rebate potential.
The Paycheck Protection Program aims to support small businesses through this pandemic without burdening them with significant debt to repay Photo Background Removing once the crisis passes - and , in doing so, his goal is to keep people in their jobs and stem the tide of unemployment across the country. Visualization of CARES acts Rolling out the program encountered many challenges along the way, and the initial funding allocation quickly dried up. Now, Photo Background Removing Congress passed another $310 billion funding round late Thursday, April 24 ( TechCrunch ). We don't yet know when the Small Business Association will reopen applications.
But given how quickly the initial funding dried up, if you want to access this resource to support your business, you'll be ready to apply as soon as the Photo Background Removing loan application itself opens. Let's take a look at the information we have now so you can be ready to get the ball rolling for your business when the time comes. Note: we are not legal experts. If you have specific questions regarding your business or loan application, please speak to your attorney and/or bank for clarification. What is the Paycheck Protection Program? The Paycheck Protection Photo Background Removing Program is a Small Business Association (SBA) loan program specifically designed to help small businesses continue to make payroll at their current pay rate, as well as cover expenses.