- Paycheck Protection Program no longer accepting applications
- The $349 billion program is out of cash
The Paycheck Protection Program is no longer accepting applications. Launched just 14 days ago, the program provides a lifeline to small businesses affected by COVID-19. The program focuses on employers with less than 500 employees.
The Paycheck Protection Program offers business deferred as well as completely forgivable loans to help save small businesses. Small business owners can apply for loans through a variety of vendors, including Jack Dorsey’s Square. However, the demand has exceeded expectations as business throughout the United States are suffering from COVID-19.
As a result, the $349B program is out of cash in just 14-days. Consequently, thousands of businesses will not be able to take advantage of additional funds, just when they need them the most.
COVID-19 continues to push countries into economic lockdown. With no end in sight, small businesses need additional funds to keep employees and businesses sustainable.
Although the fund was depleted in a matter of weeks, this is not all bad news. The massive amounts of claims were only possible due to greater acceptability. Platforms like Square and Paypal have allowed owners to get access to funds quicker. This is especially important during uncertain times like these.
Lawmakers are attempting to close a deal extending the fund by an additional $250B.
In addition to the Paycheck Protection Program, over 80 million Americans have begun to receive stimulus checks. The checks, worth up to $1,200, will provide some monetary relief to Americans but will skimp over those who need it the most.
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