Trump Signs Interim Relief Bill Into Law, PPP Applications Could Open Monday
Today, President Trump signed the $484 billion “Phase 3.5” emergency interim coronavirus relief package into law. The bill includes $310 billion in additional funding for the Paycheck Protection Program (PPP), which provides small businesses up to 500 employees with forgivable loans to pay up to 8 weeks of payroll costs including benefits.
The Small Business Administration (SBA) could begin taking loan applications as early as Monday, April 27.
Funding will be available on a first-come, first-served basis, and the last round was depleted within two weeks. You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, or Farm Credit System institution. Work with your lender to get your application in order now so you can be at the front of the line as soon as the loans become available.
Funds can also be used to pay interest on mortgages, rent, and utilities. Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.
For additional information, visit the U.S. Department of the Treasury or U.S. Small Business Administration.
Courtesy of Candi Fitch, Class 28
Executive Director of Idaho Fresh Fruit & Vegetable Assn.
A member of Western Growers (source of the information)