NATIONWIDE — In the past few months, the Paycheck Protection Program has helped millions of small businesses around the U.S. stay afloat amid the coronavirus pandemic, helping provide money to keep employees on the payroll — but the window to apply for PPP funding closes Saturday.
What You Need To Know
Today is the last day to apply for funding through the Paycheck Protection Program. The program has provided billions of dollars to small businesses across the country.
So far, the Small Business Administration has approved more than $500 billion in funding for businesses across the U.S.
The COVID-19 pandemic and business closures have made these past few months tough at ‘‘A Noteworthy Music Studio’ in Winter Park, Florida.
Owner Rebekah Piatt says they’ve stepped up cleaning and social distancing routines, offering both in-person and virtual lessons, but she said making ends meet is challenging these days.
After weeks of applying, Piatt was able to secure PPP funding in June. She said receiving that money was the biggest relief of her life.
“It’s the difference between us having to stay open and us having to close. I mean, it’s literally the payroll and the overhead for our business that took such a hit,” she said.
She won’t be applying for a second round of funding, but Piatt says she knows other businesses still haven’t received PPP funding at all and hopes their applications will get approved this time around.
When it comes to adding more assistance, House Speaker Nancy Pelosi and Senate Majority Leader Mitch McConnell each say they’re willing to hold off on summer recess to negotiate a deal for additional aid.