April 03, 2020 Protection for Workers’ Paychecks Is On the Way Thanks to President Trump

As of noon on Friday, nearly $1 billion in forgivable Paycheck Protection Program (PPP) loans has already been processed – the vast majority by small community banks – for small businesses across the country to keep workers on their payrolls.

The $350 billion Paycheck Protection Program, part of the economic relief package signed into law by President Trump last week, is designed to make sure workers impacted by the coronavirus continue to receive paychecks by forgiving the loans if they go towards keeping workers employed:

Under this program, small business owners will be able to apply for up to eight weeks of cash-flow assistance at their local bank or at any one of the Small Business Administration’s approved lenders. Critically, as long as the loans go towards things like maintaining all employees’ salaries and keeping the lights on and the doors open, they will be forgiven in full.

The Trump Administration has launched an unprecedented public-private mobilization to deliver the financial assistance to small businesses across the country, working with banks and other institutions to make it quick and easy for small businesses to tap into the funds.

President Trump has taken a whole-of-America approach to fully mobilize the public and private sector to combat the coronavirus and provide economic relief to Americans who need it. For more information on the actions President Trump has taken to win this war, click here.