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Stimulus Loans Could Be a $350B Payroll Lifeline for Small Businesses

In many cases the loans are forgivable.

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The stimulus bill signed into law by President Donald Trump last week includes $350 billion in loans for small businesses.

The loan provisions, known as the Paycheck Protection Program, are part of an overall relief package worth $2 trillion, Inc. notes. The goal is to provide individuals and businesses an economic lifeline during the COVID-19 crisis.

The loans are meant to cover up to 10 weeks of payroll expenses, up to a maximum of $10 million.  The money could be available within two weeks.

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.

For more information on getting through these times, check out our COVID-19 Resource Center.

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Read more at Inc.

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