This coronavirus pandemic has put people on their behinds. We didn't expect this pandemic to hit as hard as it has and it has left people with no jobs and a lot of small businesses in a bind. While many Americans are still waiting for their stimulus checks, there is a little help with the small businesses. There will be some help for some businesses and nonprofits with 500 or fewer employees because they can apply for a loan under the Paycheck Protection Plan. This is a part of the Coronavirus Aid, Relief, and Economic Security Act (CARES), that has about $350 billion to help small businesses. This will help in taking care of some bills and keep their employee paid. However, according to CBS News, banks are the ones who will handle the application process. The Small Business Administration's "streamlined" verification process starts today and involves a five-page process for which lots of patience is advised. Here is what you need to know though. The program runs through June 30. Loan payments will be deferred at least six months and companies that maintain employees on their payrolls for eight weeks will receive loan forgiveness for the portion of the loan used for payroll, rent, mortgage interest or utilities. If you're a small business, you can apply here.
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