Paycheck Protection Program Misses Start Date
Part of the CARES Act, the Paycheck Protection Program is a loan program designed to provide small businesses, independent contractors, and self-employed individuals with cash flow assistance during the COVID-19 pandemic. The low-interest loans may also be forgiven if borrowers use the funds for specific items. The US Small Business Administration had hoped to roll the program out on April 3, meaning that potential borrowers could visit a participating bank or credit union to complete an application and potentially receive approval on the same day. Unfortunately, this did not happen. US banks and lending institutions reported they were not prepared to begin the application process and requested further guidance from the Small Business Administration. As this is a first come, first serve program, interested dentists should be prepared to apply as soon as the program is ready, which may be as early as Monday, April 6. Read more here.