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    • Explore our Plan Room
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    • NEXT Young Professionals
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    • Safety Classes
    • Safety Advisory Council
    • Safety Expo >
      • Safety Expo Registration
      • SRBX Safety Leadership Award
    • Mental Health Tailgate Talk
  • Advocacy
    • Contribute to the PAC
    • Construction Legal Committee
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    • New Laws for 2021
    • Legislative Priorities
    • Voter Guide 2020
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  • Member Benefits
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Coronavirus (COVID-19) Updates from SRBX & CIEF

Congress provides $320B in additional funding to SBA’s Paycheck Protection Program

4/22/2020

 
The Paycheck Protection Program (PPP) is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.

Interest in PPP was very high and all funds were lent out by April 15, 2020. The addition of $320B is expected to pass the House of Representatives on 4/23, with President Trump expected to sign into law shortly thereafter. The specific availability date of funds with authorized lenders is not yet known.

Interested small businesses should visit the SBA PPP website or speak with their banking institution for more information on program requirements.

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