The Paycheck Protection Program (PPP), which was created by the Coronavirus, Aid, Relief, and Economic Security (CARES) Act, ran out of its initial funding of roughly $349 billion just a few days after the program launched on April 3. Last week, Congress approved another $310 billion for PPP loans.
The fresh funding means many small-business owners will have a second chance at getting a PPP loan that could help them keep their companies afloat. Businesses will be able to apply for PPP loans again starting on April 27.
Uncertainty and confusion have surrounded the PPP since its launch—especially with respect to eligibility, payroll costs, and debt forgiveness. Hopefully, the answers below to common question about the PPP loans will help small business owners who are seeking financial support right now. The country needs our small businesses to bounce back as quickly as possible, and PPP loans are a big part of the plan to make that happen.