CRA Paycheck Protection Program Fact Sheet Released

The U.S. House of Representatives and the U.S. Senate have passed a stimulus bill that would restart the Paycheck Protection Program (PPP).

The Center for Rural Affairs has released a fact sheet for small businesses with information on how to apply for the program, who qualifies, and tips for success.

The PPP is a U.S. Small Business Administration (SBA) program that was created as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act signed into law on March 27, to support small businesses economically impacted by COVID-19. The CARES Act initially allocated $349 billion to the PPP.

On April 16, the SBA announced that the PPP had reached the maximum loan limit authorized by Congress, just 14 days after small businesses were first able to apply.

Small businesses can visit sba.gov/paycheckprotection/find for a list of banks processing PPP loans.

The Center for Rural Affairs fact sheet can be found at cfra.org/publications/LifelineForRuralBusiness.

“The COVID-19 pandemic presents challenges that are out of the control of business owners,” said Molly Malone, policy assistant. “Decreased demand, shifting markets, and a slowed economy will hit us all in different ways.”