Bad News for the Small Business Loan Program

If you’re a small business owner, you’ve already heard about the Paycheck Protection Program (PPP).  This is an incentive program that Congress passed and the President signed into law to provide loans to small businesses.   These loans are provided to help small businesses get through these tough times brought on by COVID 19.  Once the loans are received, there is a process to apply to have the loans either partially or totally forgiven (erased).   (For more information on PPP, contact your local bank).

Unfortunately, this program ran out of money last week.  If Congress is able to reach a deal by early this week, they could attempt to have it on the Presidents desk for his signature by late Thursday.  Congress is expected to be in session briefly Friday, otherwise, all attempts would wait until early next week.