All tagged small business administration
We often hear about the Consumer Confidence Index, which is down drastically, but what about the confidence of Small Business Owners? We’re often touted with support in political campaign ads and yet the federal government has overpromised and severely undelivered. Without Small Business Owners’ willingness to take risks, the costs to our economy could dwarf the EIDL and PPP investments.
The Paycheck Protection Program (“PPP”) authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. All loan terms will be the same for everyone. The loan amounts will be forgiven as long as: 1) The loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and utility costs over the 8 week period after the loan is made; and 2) Employee and compensation levels are maintained.
Congressman Greg Murphy, M.D. (NC-03) provided the following statement amid the coronavirus pandemic. “The first funding package Congress passed on March 4th enables the Small Business Administration to distribute $7 billion in low-interest loans to small businesses affected by global supply chain disruption. These loans can be used to pay fixed debts, payroll, accounts payable and other bills that can’t wait throughout this time of isolation. Congress is proactively working on two more packages as well to help families in need.” (read more)
