Guidelines have been issued by the Treasury Department regarding the $349 billion Paycheck Protection Program, which has set out to ensure that small businesses can pay their employees through the disruptions to their business that the coronavirus pandemic has caused.
Small businesses can apply through an SBA Lender beginning April 3rd.
As long as the funds are used to pay employees and other expenses including rent, utilities, and mortgage interest, the loans will be forgiven.
“The money running out is a real fear and has politicians already discussing a fourth rescue package. Treasury Secretary Steven Mnuchin told CNBC he will ask Congress for more money to sustain the program if the money runs out.”