Round 2 of the Paycheck Protection Program (PPP) begins this morning, as the Small Business Administration accepts new applications for the potentially forgivable federal loans.
However, businesses with employees, sole proprietors and independent contractors need to act now if they hope to tap into the new $310 billion pool of funding, according to Bruce Nordstrom of Nordstrom & Associates P.C. in Flagstaff.
Probably the biggest economic news right now is the Paycheck Protection Program (PPP), the pool of almost $350 billion in forgivable small business loans that is one of the main components of the federal Coronavirus Aid, Relief and Economic Security (CARES) Act.
Today’s bulletin will be a little different as we do a deeper dive on this one topic – what the PPP is supposed to do, the hurdles and hiccups it has faced in its first week, and how the government and financial institutions are responding.
