by Ken Giustino
The Paycheck Protection Program, a federal relief program intended to provide small businesses with forgivable loans to keep workers employed during the COVID-19 crisis, will be up and running again.
Both the Senate and House have voted on and approved an additional coronavirus relief package, which provides $310 billion more in funding for the Paycheck Protection Program. The program ran out of the initial $349 billion the federal government earmarked for it in just 13 days. The bill was signed into law by President Donald Trump on April 24th. Hopefully, this gets to the businesses that are in need.
Many people told me they applied and they’re still waiting! It was also said the big banks didn’t handle it well and funds didn’t reach the small businesses. I bank with BNB Bank and when I applied it was funded in 1 week. I just wanted to thank Jill Ramundo and her team at the Montauk Branch for getting it right!