Will There Be a Second Round of PPP Loans? Lawmakers Say Yes.
When COVID-19 first took hold in the U.S., non-essential businesses were largely forced to close, and even essential businesses had to change the way they'd normally operate. As such, a lot of companies -- smaller ones especially -- took a hard hit during the pandemic's early months, with over 100,000 small businesses shutting down permanently in its wake.
Thankfully, relief was made available early on in the form of the Paycheck Protection Program. Under the PPP, businesses with 500 employees or fewer were eligible for a forgivable loan equal to two-and-a-half times their monthly payroll costs. Forgiveness would hinge on spending at least 60% of those loan proceeds on payroll, but for staff-heavy businesses, that was more than doable.
Image source: Getty Images.
Source Fool.com
