Applications Open For Second Round Of Paycheck Protection Program

Monday, April 27th 2020, 9:54 am
By: Shannon Rousseau

The second round of money in the Paycheck Protection Program will go out on Monday.

A majority of the $484 billion will go to small businesses, with hospitals and COVID-19 testing getting a portion as well.

President Trump signed the Paycheck Protection Program and Health Care Enhancement Act into law on Friday. The PPP is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.

Funding includes $ 310 billion for small business, $75 billion for hospitals, $60 billion for a small-business emergency loan and grant program, and $25 billion for testing. The Small Business Administration's Paycheck Protection Program first opened on April 3rd with $349 billion in funding. More than 1.7 million loans were approved in that first round.

However, some have criticized it for making loans available to large, publicly traded companies like restaurants and hotel chains.