ACC Weekly
On Tuesday, April 21, the US Senate passed the Paycheck Protection Program Increase Act of 2020. This Act amends the Paycheck Protection Program (PPP) that was established on March 27, as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, to provide funding relief for small businesses. The package, which is expected to pass in the House shortly, includes $310 billion for the PPP, which is in addition to the $350 billion Congress infused into the program when it was created in March. Small business loans through the PPP can be forgiven if these companies keep employees on the payroll. The new bill imposes measures to ensure that businesses that were unable to secure funding earlier will stand better chances to do so. Small businesses interested and eligible for a loan should act promptly to secure participation in the program.
