Explaining The Paycheck Protection Program (PPP)
In The Moment ... April 28, 2020 Show 805 Hour 2
Times are tough for businesses in South Dakota, and as a result, many are applying for the "Paycheck Protection Program (PPP)." To illustrate how many have applied, the financial aid package's initial funding of nearly $350 billion ran out over a week ago, forcing federal lawmakers to scramble to free up another $310 billion in funds. President Donald Trump is set to sign the bill this Friday., which allocates $484 billion overall that, in addition to the PPP money, includes $60 billion for Small Business Administration disaster assistance loans and grants, $75 billion in grants to hospitals and $25 billion for coronavirus testing.
Joining us to help navigate the program and with more are Jamie Wood, district director in the South Dakota District Office of the U.S. Small Business Administration, and Del Carver, state director of "SCORE" in North and South Dakota.
Correction - Approximately 4 minutes into this audio, Jamie Wood talks about the EIDL loans. Please know that the numbers mentioned are in millions instead of billions of dollars.