Washington, DC – Small businesses will start getting relief from the coronavirus fallout. President Trump said the $349 billion dollar Paycheck Protection Program launches today. It allows small businesses to apply for loans that will let employers continue paying their workers. It’s part of the Economic Stimulus Plan approved by Congress. The loans will be forgiven if all employees are kept on the job for eight weeks. The money needs to be used for payroll, rent, mortgage interest and utilities.
Our business expert Julia Anderson at sixty and single.com says “its meant to help small businesses of 500 employees or fewer.” She says there will be challenges “because the lenders, the bankers are going to be evaluating the borrowers and there are some questions about how do we hold employers accountable for what they said they’re going to do with the money.”
Applications will be accepted until June 1st. Apply here.