CNBC Marvels at How Quickly the Paycheck Protection Program Got Rolling

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Posted: Apr 03, 2020 3:55 PM
CNBC Marvels at How Quickly the Paycheck Protection Program Got Rolling

Source: AP Photo/Evan Vucci

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.

The rollout happened fast - faster than many thought it would. Even the media had to acknowledge the speed.

"It's pretty incredible how quickly these banks are rolling out these programs right now," a CNBC reporter said on Friday. "A process that would normally take many months, they've done it basically in a week."

The administration is encouraging people to apply at sba.gov/coronavirus

The CARES Act, signed into law by President Trump last week, is now the largest stimulus bill in U.S. history.