Paycheck Protection Program Runs Out of Money
Funding for the Paycheck Protection Program, which was established as part of the recently passed CARES Act, has been exhausted just two weeks after its creation.
Congress had appropriated $349 billion for the program, which provided low-interest loans equal to 250% of monthly payroll costs to cover critical operational expenses for small businesses, such as payroll, rent and more.
“While we are hopeful that Congress will provide additional funding, it is critical that you contact your legislators as soon as possible to let them know how important continuing this program is for your company,” the Auto Care Association wrote to its members today.
More information about the program can be found here.