COVID-19: Trump administration’s latest update for PPP, small business assistance

White House Washington Picture Id186056072 (1)WASHINGTON, D.C. – The Trump Administration continues to update and provide additional information and resources with regard to the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

Assistance for Small Businesses

The Paycheck Protection Program established by the CARES Act, is implemented by the Small Business Administration with support from the Department of the Treasury. This program provides small businesses with funds to pay up to eight weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities. The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses. Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.

The Department of Treasury released additional FAQs on the Paycheck Protection Program:

  • Paycheck Protection Program Loans: Frequently Asked Questions

The Department of Treasury has also updated their CARES Act website to include specific sections on: