Small business loan program extended
The Paycheck Protection Program has been given new life just ahead of the “use it, or pay it back” deadline for the small business loans. Part of the economic response to the coronavirus pandemic, the Paycheck Protection Program offered businesses no-payback loans to cover eight weeks of payroll and other select expenses. Provided 75% of the money went to payroll and the other 25% to things like rent and utilities, business owners didn’t have to pay the money back. Money spent outside those parameters has to be paid back at 0.5% interest within five years. But the money had to