From The Tribune staff reports
MONTGOMERY — Small business owners are being encouraged by lawmakers to apply for the Paycheck Protection Program (PPP). Rep. Danny Garrett (R-District 44), said that as of Thursday, May 7, there were still around $125 billion in funds available.
The original amount made available in response to the coronavirus pandemic was $349 billion, but it was quickly exhausted. More funds were made available after Congress approved an additional $310 billion for the PPP. According to SBA data, more than 2.4 million loans worth more than $183 billion had been approved as of May 6.
Garrett is urging small business owners to apply as soon as possible to get their share.
“Many of the problems that plagued the program initially have been resolved, and guidance from the U.S. Treasury Department continues to improve the process,” said Garrett. “Up-to-date information about the PPP, including a loan application, is available.
The Paycheck Protection Program is a loan from the Small Business Administration (SBA). SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
For more information on the Paycheck Protection Program, or to apply, click here.