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April 16th - Paycheck Protection Program Update

Posted on Thursday, April 16, 2020 in Banking Information

The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $349 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provided 100% federally guaranteed loans to small businesses who maintain their payroll during this emergency.

As of April 16, 2020, all $349 billion of the funding for the Paycheck Protection Program has been committed to small businesses across the United States. While Congress debates another round of funding, the U.S. Treasury and the SBA will no longer accept applications.

Update- on April 27, 2020, new funding was approved by Congress for this program. Applications are once again being accepted. We appreciate that you have come to Reliance State Bank for your small business needs.

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