Wednesday, April 29, 2020
Paycheck Protection Program renewed
Posted By Faith Miller on Wed, Apr 29, 2020 at 10:06 AM
The Paycheck Protection Program (PPP) has resumed processing loan applications from small business owners in need, thanks to new legislation signed by President Donald Trump on April 24.
The program — first approved as part of the March 27 coronavirus relief package — launched April 3 but quickly ran out of its $350 billion in funding. The new legislation appropriated an additional $310 billion, available through the Small Business Administration.
For businesses that use 75 percent of the money to pay and retain employees, the low-interest PPP loans are forgivable.
The PPP has drawn controversy for offering loans to large businesses and corporations, including Ruth’s Chris Steak House and the L.A. Lakers.
Earlier this month, President Trump fired acting Pentagon inspector general Glenn Fine, effectively removing him from his position as the lead watchdog in charge of independent, ethical oversight of federal coronavirus aid — like the PPP.