As of 4/16/20, the Paycheck Protection Program (PPP) has run out of money to lend. This program was originally passed in the CARES Act, and aimed to loan over $350 billion to small businesses across the country. Demand was extremely high for the loans, and within two weeks the funds were exhausted. These loans are attractive because a large portion of each are forgivable if spent on payroll costs. Many TCIA members took advantage of this program, and we urge Congress to fix this issue immediately by appropriating funds and expanding lending options. Congress is currently hard at work on a fix to get this program running again. TCIA will continue to monitor this situation and will be providing members up to date information on this crucial program.
Members can learn more about the PPP here, or by listening to a webinar on the topic hosted by TCIA here.