LYONS, NEBRASKA – The U.S. House of Representatives and the U.S. Senate have passed a stimulus bill that would restart the Paycheck Protection Program (PPP).
Today, the Center for Rural Affairs released a fact sheet for small businesses with information on how to apply for the program, who qualifies, and tips for success.
“The COVID-19 pandemic presents challenges that are out of the control of business owners,” said Molly Malone, policy assistant. “Decreased demand, shifting markets, and a slowed economy will hit us all in different ways. Small businesses are the bread and butter of rural communities and the PPP is one tool business owners can use to help manage the economic downturn and inject money into their community.”
The PPP is a U.S. Small Business Administration (SBA) program that was created as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act signed into law on March 27, to support small businesses economically impacted by COVID-19. The CARES Act initially allocated $349 billion to the PPP.
On April 16, the SBA announced that the PPP had reached the maximum loan limit authorized by Congress, just 14 days after small businesses were first able to apply.
Small businesses can visit sba.gov/paycheckprotection/find for a list of banks processing PPP loans.
Note: The SBA will resume accepting PPP loan applications on Monday, April 27 at 9:30 a.m. CT from approved lenders on behalf of any eligible borrower.