Connect with us
mm

Published

on

Businesses began applying on April 27 for the second round of loans from the Small Business Administration’s Paycheck Protection Program.

The original round, worth $349 billion, ran out in less than two week. President Donald Trump signed a bill authorizing an additional $310 billion for the program.

The stimulus loans are designed to provide an economic lifeline for small businesses during the COVID-19 crisis. They’re meant to cover up to 10 weeks of payroll expenses, up to a maximum of $10 million.

Inc. notes that the loans “can be converted into forgivable grants so long as the company doesn’t lay off employees.”

More details of the program are available here.

The new round is expected to go quickly, just like the first. So if you plan to apply, experts advise doing so right away.

Advertisement

Congress is now discussing a possible third round.

Watch a Today video about the second round of funding:

Since launching in 2017, PETS+ has won 16 major international journalism awards for its publication and website. Contact PETS+'s editors at editor@petsplusmag.com.

Advertisement

FEATURED VIDEO

World Pet Association

Superzoo Las Vegas | August 31- September 3, 2020

Discover new ways to stand out, be bold, and find your competitive differentiator at SuperZoo, the largest gathering of pet professionals in North America. Whether you run the top bird supply store in your hometown or you’re all about caring for cats, this is the place where you can.

Promoted Headlines

Most Popular