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US included a payroll protection program (PPP) in the CARES act last month, which pays for payroll for small businesses with some forgiveness provisions. The fo
by cjlars 6y ago
US included a payroll protection program (PPP) in the CARES act last month, which pays for payroll for small businesses with some forgiveness provisions. The forgiveness terms are very roughly summarized as, "don't lay anyone off and the government will cover 8 weeks of wages for anyone making less than $100k / yr". News this week is that a second round of funding will go out for the program.
- throwlaplace 6y agotoo bad much of the money got eaten up by large corps https://www.forbes.com/sites/eriksherman/2020/04/24/public-companies-ppp-loans-money/#682e04c140d2 https://www.forbes.com/sites/eriksherman/2020/04/24/public-c...
- swasheck 6y agoAnecdotally, 100% of the legitimate small businesses in my area have been denied access to PPP due to lack of availability of funds. The research of others has shown that the lack of funds is due to big businesses receiving them. Seems to kinda go against the purpose.
- manigandham 6y agoThe total funding was barely enough to cover 1 million small businesses, and there are close to 30M in the USA that are affected in some way by this pandemic. The second round of funding was just passed but the pace is too slow. Most small companies will be bankrupt within 3 months without any cash flow.