The United States government launched the U.S. Small Business Rescue Program to help business owners with up to 500 employees pay their operating expenses if their business closed as a result of shelter-in-place or stay-at-home orders due to the coronavirus pandemic.
The program exhausted the first round of funding with unprecedented speed. On Thursday, April 23, the House passed a bill, previously passed by the Senate, to add another $484 billion worth of funding for coronavirus relief. A total of $310 billion of that is going to the Payroll Protection Program (PPP). The president signed the bill into law on Friday, April 24.
According to the SBA's website, the Paycheck Protection Program officially resumes today (Monday, April 27). As such, qualifying businesses can once again begin applying for federal funding.
Like the first relief fund, the new money will go to help businesses struggling to pay rent, payroll, and other operational expenses during the pandemic. Learn more.