COVID-19: SBA releases PPP ‘approvals’ report

Coronavirus Paycheck Protection Program Sba 7a Loan Picture Id1217440704WASHINGTON, D.C. – The Small Business Administration (SBA) has released a Paycheck Protection Program (PPP) report, which includes approvals through April 16 and shows $342 billion in “net approved dollars.”

The program, which provides small businesses with funds to pay up to eight weeks of payroll costs including benefits,  interest on mortgages, rent, and utilities, has run out of money due to the ongoing impact of the COVID-19 pandemic.

The PPP was established by the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The program is implemented by the SBA with support from the Department of the Treasury.

ASA has asked its members to send a letter to urge their members of Congress to act now and pass additional funding for the Paycheck Protection Program.

Click HERE to read the report.