Paycheck Protection Program Details

The number of new loans issued through the paycheck protection program has begun to slow down as supply is finally catching up with demand. When Congress expanded the original $350 billion program in April the total funding allocated to the paycheck protection program jumped to $660 billion. As of May 23rd the SBA approved $511 billion in Paycheck Protection Program loans meaning $150 billion in funding is still available through the Federal Reserve and SBA initiative. Source: www.reuters.com The proportion of businesses

In a bill that unanimously passed congress (the paycheck protection program, part of the CARES act), we can quite firmly conclude that the US government believes helping small businesses is an urgent matter. This is one of the reasons the paycheck protection program was rolled out so quickly, even as banks have been unprepared and the guidelines from the Treasury and SBA remain unclear. Small business owners are anxiously awaiting further news from their lenders as to when they’ll be able

One of the first concerns from the business community was how the Small Business Administration would administer such a large program and help small businesses who are in need right now. The staff hire and training could have meant it was months before an SBA loan was actually issued. Thankfully the US Government has responded with this extraordinary private and public sector cooperation. SBA Administrator Jovita Carranza had this to say,  “This unprecedented public-private partnership is going to assist small businesses