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PPP rollout a disaster for small businesses in coronavirus crisis


Disaster. Fiasco. Debacle. That’s how the rollout of the Paycheck Protection Plan (PPP) is widely described. PPP is the loan program aimed at helping small businesses and the self-employed keep their employees paid through the coronavirus crisis, with loans that can be ‘forgiven’—in other words, turned into a grant.  But frankly, it’s just a mess.   

As part of the CARES act passed in late March, Congress allocated $359 billion for small business relief. PPP enables businesses to get loans of 2.5 times their average annual ‘payroll costs’ and have those loans forgiven if they spend at least 75% of those funds on ‘payroll costs’ within 8 weeks. It’s designed to get paychecks to those working in small businesses quickly. It immediately became a very, very popular program.

(If you want more information on how to apply for the PPP program or other resources for small business and the self-employed,  sign up for my newsletter at www.PlanningShop.com or follow one of my Facebook Live events at www.facebook.com/RhondaAbramsSmallBusiness )



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