Yesterday, the Senate approved another appropriation package intended for small businesses. The stimulus package totals $484 billion to replenish the Paycheck Protection Program (PPP), provide $75 billion in funding for hospitals and implement a nationwide virus testing program to aid in the reopening of the economy. Treasury Secretary Steven Mnuchin said he expects this to be the last wave of payments to small businesses.
As we have been advocating for the past several days, if you need financial assistance through the CARES Act, and more particularly the PPP, contact your local bank to submit your application. The application can be found on the Small Business Administration’s website. The form is a 4-page application and can be completed quickly so long as the applicant has payroll information from the previous twelve months. Contact your payroll provider if you need assistance obtaining that information. The PPP application is located at www.sba.gov