After President Donald Trump signed a new coronavirus financial relief package worth $484 billion on Friday, the U.S. Treasury and the Small Business Administration announced they would begin accepting new applications for loans available through the Paycheck Protection Program on Monday.
More funding for the PPP became an important topic after the fund ran out of money in April. Some larger businesses also applied for loans through the program, which was designed to assist smaller businesses that had been impacted by Covid-19. "We encourage all approved lenders to process loan applications previously submitted by eligible borrowers and disburse funds expeditiously," the statement continued. Borrowers should carefully review PPP regulations and guidance and the certifications required to obtain a loan."
"There was no fine print, anywhere, that suggested, 'Apply now, or we will run out of money by the time you finally get in line,'" the April letter said.
Source: News Formal (newsformal.com)
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