Known as the Paycheck Protection Program, the rescue effort aims to forgive the loans if businesses vow to maintain their payrolls. All loan payments will be deferred for six months. Most importantly, the SBA will forgive the portion of the loan proceeds that are used to cover the first eight weeks of payroll costs, rent, utilities, and mortgage interest.
The government put $349 billion into the program initially, but all of it quickly disappeared. $310 billion was then added, with $60 billion set aside for small lenders to help companies with no existing banking relationship get loans.
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