Paycheck Protection Program now open for Small Businesses
Congressman Brett Guthrie (KY-02) today announced that the Paycheck Protection Program to help small businesses during the coronavirus outbreak is now accepting applications.
The Paycheck Protection Program was created in the
, Relief, and Economic Security (CARES) Act, which Guthrie voted for last week.
“Small businesses are the backbone of our economy, but unfortunately, many have faced hardship due to the coronavirus,” said Guthrie. “We created the Paycheck Protection Program to help small businesses during this unprecedented time. I encourage any small business owner to contact their lender today to take advantage of this program. Together, we will get through this.”
The Paycheck Protection Program is operated through the Small Business Administration’s 7(a) Loan Program for small employers, self-employed individuals, and “gig economy” workers.
The program provides 8 weeks of cash-flow assistance through 100 percent federally guaranteed loans to small employers who maintain their payroll during this emergency.
If the employer maintains payroll, the portion of the loans used for covered payroll costs, interest on mortgage obligations, rent, and utilities will be forgiven, which will help workers to remain employed and affected small businesses and our economy to recover quickly from this crisis.