Welcome back to PSA Thursday, a mostly-weekly segment in which we talk about how to handle money, work, and life in the middle of a pandemic.
This week, we’re covering the Paycheck Protection Program, or PPP, a popular program that awarded forgivable loans to small businesses and freelancers, has officially ended. The program closed on Tuesday, June 30, with an astounding $130 billion remaining in unclaimed funds.
**Update: Welp, this is a perfect example of how head-spinningly fast things change in 2020. We scripted and put together our PSA Thursday episode on Tuesday, June 30, the last day of life for the Paycheck Protection Program, or PPP. Aaaand the next day, on Wednesday, the House voted to extend the deadline until August 8th.
This hasn’t been made into law yet, so as of right now (Thurs, July 2), the PPP is still officially over. But if the President signs the extension (which he is expected to), then the program will run through August 8th. What we cover in this episode is still rock-solid information, so tune in and enjoy.**
In today’s PSA Thursday episode, we discuss the sordid history of the PPP — including it’s ill-fated first round of funding, in which $349 billion ran dry in just 13 days — and share tips for entrepreneurs and small business owners who are still looking for economic relief.
Spoiler alert: the four options for economic aid for small businesses that we cover include the Economic Injury Disaster Loan program, or EIDL, which offers advance loans of up to $10,000 that don’t need to be repaid; the Employee Retention Tax Credit; the Small Business Association 7(a) loan, and the Federal Reserve’s Main Street Lending Program, which opened two weeks ago.
- The Main Street Lending Program
- The SBA 7(a) Small Loan
- Employee Retention Tax Credit
- Economic Injury Disaster Loan Program