PPP loan plan a mess so far for small businesses riding out coronavirus crisis.
https://www.usatoday.com/story/money/usaandmain/2020/04/07/ppp-loan-plan-rollout-disaster-small-businesses/2963901001/Disaster. Fiasco. Debacle. That’s how the rollout of the Paycheck Protection Plan (PPP) is widely described. PPP is the loan program aimed at helping small businesses and the self-employed keep their employees paid through the coronavirus crisis, with loans that can be "forgiven" – in other words, turned into a grant. But frankly, it’s just a mess.
As part of the CARES act passed in late March, Congress allocated $359 billion for small-business relief. PPP enables businesses to get loans of 2.5 times their average annual "payroll costs" and have those loans forgiven if they spend at least 75% of those funds on "payroll costs" within eight weeks. It’s designed to get paychecks to those working in small businesses quickly. It immediately became a very, very popular program.
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