(Updated August 19, 2o20)
The Treasury Department released details about how small businesses can apply for the Paycheck Protection Program—which initially provided $349 billion in forgivable loans to businesses employing fewer than 500 people. The program—which is part of the CARES Act that was passed and signed into in April—will help America’s small business entrepreneurs face the challenging economic conditions sparked by the coronavirus outbreak. To expedite the process, the loans will have same-day approval.
Although initial funding has run dry, Congress has replenished the program with another $310 billion.
The program will extend until June 30, 2020, but small businesses are encouraged to take advantage of the financial relief as soon as possible.
When should you apply for loan forgiveness?
- Read this good article on loan forgiveness timing from CreditCards.com