The U.S. Small Business Administration has approved more than $853 million in loans to 4,896 Vermont businesses, U.S. Senator Patrick Leahy announced on Wednesday, April 15. The assistance comes from the Paycheck Protection Program that was created as part of the CARES Act Congress passed in late March.
Leahy, the Vice Chair of the Senate Appropriations Committee, had a leading role in crafting the three emergency Covid-19 bills.
The Paycheck Protection Program is designed to provide cash-flow assistance through 100% federally guaranteed loans to employers who maintain their payroll during this emergency. If employers maintain their payroll, eight weeks of the loan will be forgiven, which would help workers remain employed, as well as help affected small businesses and the economy snap-back quicker after the crisis.
While originally, loans were to be made available starting April 3 through June 30, 2020, the program ran out of money on Thursday, April 16. There had been $349 billion allotted for the program. Lawmakers are now working on bill to add $250 billion to the program.
For more information visit sba.gov.
