The Small Business Administration rolled out the Paycheck Protection Program (PPP) on Friday morning, after President Trump said that the program was nearly ready to launch during Thursday’s White House coronavirus task force briefing.
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
BREAKING: Applications are open for the Paycheck Protection Program. These 100% federally guaranteed loans can be forgiven if used for payroll, mortgage, rent, and utilities. Small business owners owners can contact their preferred lending partner for more information. pic.twitter.com/EsoOoq6ris
— House Committee on Small Business - Republicans (@HSBCgop) April 3, 2020
The Paycheck Protection Program: Businesses with fewer than 500—including startups, sole-proprietors, and the self-employed—can get 100% fed-guaranteed loans for 8 weeks. If used for payroll, rent, utilities, or to rehire laid-off workers, it is forgiven. https://t.co/nf4GyvRkTn
— Kevin McCarthy (@GOPLeader) April 3, 2020
A provision of the bipartisan CARES Act, an economic stimulus package passed by the Senate and signed into law by President Trump last week, the Paycheck Protection Program gives $350 billion of relief to America’s small businesses sector. Small businesses are eligible to apply for the program, and receive eight full weeks of financial assistance at a local bank in order to keep their doors open and employees paid.
Despite Democratic hysteria, the Trump Administration has taken bold, decisive action to bring economic relief to Americans suffering the most, as the White House combats the COVID-19 pandemic.