At last night's briefing with the White House Coronavirus Task Force, President Trump, Treasury Secretary Steven Mnuchin and SBA Administrator Jovida Carranza talked about the launch of the Paycheck Protection Program that started today and will enable small businesses to receive funds to keep their employees and keep up with day-to-day operating expenses.
Last night, the Small Business Administration issued final regulations regarding the Paycheck Protection Program, available here. You can also find a lot more information, including the application itself, on the Treasury Department’s website at treasury.gov. Click on the thin red tab that runs across the top of the main page.
Small businesses and sole proprietorships will be able to apply for the Paycheck Protection Program (PPP), a provision of the CARES Act that provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities. The funds are provided in the form of loans that will be fully forgiven if used for payroll costs, interest on mortgages, rent, and utilities. Small businesses looking to receive them can apply through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating.
And despite the coronavirus outbreak, it's still critically important that you account for yourself and your family in the 2020 census. An accurate census is especially important for your local community — everything from your representation in local, state and federal government to grants to upgrade life saving equipment at your local fire department. And that’s just one example out of a million others. Find more information here.
The Department of Labor has updated its frequently asked questions document for small business owners, check it out here.
