Heres every thing we know about the governments company loan system
Smaller companies became eligible to sign up for loans today, a procedure thats left many confused about whether or not they qualify.
Yesterday Treasury Secretary Steven Mnuchin released the guidelines for small businesses that want to apply for loans through the Paycheck Protection Program (PPP), created as part of the $2 trillion COVID-19 relief package.
The spread from the virus has led businesses all over globe to either cut hours or completely power down. These lost months may be adequate to push almost 1 / 2 of little enterprises in the red.
Heres every thing we comprehend up to now.
About $349 billion is actually put away with regards to system. Companies with up to 500 employees will be entitled to soon submit an application for loans up to ten dollars million by having a 1% interest. Friday contractors that are independent freelancers may also be in a position to submit an application for these loans beginning next. According to the guidelines, borrowers cannot get a number of PPP loan.