22 Apr, 2020
Small business owners who were shut out of emergency loan programs during the first round of funding will likely have another chance to apply. On Tuesday, the Senate passed a $483 Billion Coronavirus Aid Package to replenish the small-business payroll fund, support hospitals and provide for more testing. The House is expected to vote Thursday. According to the Associated Press , $331 Billion, will go toward the Paycheck Protection Program (PPP), one of the SBA Emergency Loans for small businesses. The initial round of funding ran out last week. Small business owners can apply for the loans themselves online. As long as certain criteria are met, a portion of the PPP loan may be forgiven, effectively turning it into a grant. If you’re a small business owner who wants help with the PPP loan, call Forward-Law to schedule a consultation at 864-335-9909. We can guide you through the process and help you achieve the best outcome. This is a recap of the previous PPP loan program that was provided by the SC Chamber of Commerce on Monday: