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Exactly one week after the signing of the Coronavirus Aid, Relief and Economic Security (CARES) Act Act, the Payroll Protection Plan (PPP), a lifeline for small businesses, began providing ...
The $2 trillion CARES Act passed by Congress and signed by President Trump, included PPP loans designed to provide a direct incentive for small businesses to keep their workers on the payroll.
President Trump signs the Paycheck Protection Program and Health Care Enhancement Act (H.R. 266), April 24, 2020. The Paycheck Protection Program (PPP) is a $953-billion business loan program established by the United States federal government during the Trump administration in 2020 through the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to help certain businesses, self ...
The CARES Act created the $349-billion Paycheck Protection Program, which provided low-interest loans to small businesses that were forgivable if they maintained their employees and payroll. The $349 billion was fully allocated within 13 days. During those 13 days, 1.6 million loans were approved by nearly 5,000 banks and other lenders. [3]
Payroll loans are business loans that provide funding for businesses that may be short on cash for things like employee benefits, wages and payroll taxes. Payroll loans refer to how you use the ...
In 2020 Wellspring Worldwide secured an $889,700 Paycheck Protection Program (PPP) loan from the US Small Business Administration. Its stated purpose was to protect 45 jobs on an estimated annual payroll of $4.27 million.
Over 25 PPP loans worth more than $3.65 million were given to businesses with addresses at Trump and Kushner real estate properties, paying rent to those owners.
The PPP loans were a part of the CARES Act, which was used to help businesses continue their payroll during periods of shutdown. In 2021, Senator Michelle Hinchey presented the bank with the New York State Empire Award for their community support during the pandemic including PPP. [16]