As you read earlier, the Trump administration announced the launch of the Paycheck Protection Program on Friday. It is a $350 billion program under the recently enacted CARES Act created to provide eight weeks of assistance to small businesses. That is, businesses with less than 500 employees. Those loans will be forgiven if those businesses use the money to pay for rent, utilities, payroll, or the rehiring of employees.
And word spread quickly.
As you read earlier, the Trump administration announced the launch of the Paycheck Protection Program on Friday. It is a $350 billion program under the recently enacted CARES Act created to provide eight weeks of assistance to small businesses. That is, businesses with less than 500 employees. Those loans will be forgiven if those businesses use the money to pay for rent, utilities, payroll, or the rehiring of employees. And word spread quickly.
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Congratulations to @SBAgov and @USTreasury teams!! I just got first report on #PPPloan The system is up and running. Community banks have already processed over 700 loans processed for $2,500,000. Great work!! #CARESAct #SmallBizRelief
— Steven Mnuchin (@stevenmnuchin1) April 3, 2020
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