Applying for a small business disaster loan? What to know about the COVID-19 stimulus package
On Wednesday, the Senate passed a historic $2 trillion economic stimulus package. Never has so much money been plucked from the coffers of the Fed and pumped into the veins of the American free market. And while big businesses are seeing a lot of the big bucks, many are wondering, what’s in it for the little guys?
Federal funds are vital for small businesses, which were—and will continue to be—hit hard by the coronavirus pandemic. Most already operated with razor-thin margins, so the COVID-19 economic disruption has plunged them deep underwater.
The stimulus bill’s primary item for small business aid is a $349 billion loan program: Under this “Paycheck Protection Program,” the Small Business Administration will distribute $349 billion to entities that apply and are approved.