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April 24, 2020 07:26 PM

Latest COVID-19 stimulus bill props up small-biz programs

Tire Business Staff
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    WASHINGTON, D.C. — The federal government's latest COVID-19 economic stimulus package, valued at $484 billion, is now in effect following President Donald Trump's signature April 24.

    Both the Senate and House approved the measure this past week, which includes $320 billion more to fund the Paycheck Protection Program (PPP), which is designed to help businesses keep their employees working during the COVID-19 crisis.

    The new package includes $60 billion that will be funneled through local banks and financial institutions as a way to disperse the cash more broadly.

    As the new money becomes available, the Specialty Equipment Market Association (SEMA) urging its members to take quick action if they want to apply for federal aid through the PPP. An initial round of $349 billion ran out in about two weeks, causing federal legislators to add the additional funding.

    Money for the program can go toward expenses such as payroll, mortgage and rent. Loans are forgivable if businesses for the first eight weeks if businesses keep their employees and payroll levels.

    SEMA recommends applicants work with their existing banks when seeing PPP funding due to reports that "many banks are not providing loans to businesses they haven't worked with previously."

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