$2.2 trillion COVID-19 relief package<\/a> last month, it included $349 billion for the PPP loan program. The SBA opened the application process earlier this month, and small businesses clamoring for assistance have pounced on the opportunity for the first-come, first-served funding.<\/p>\r\nAccording to the American Bankers Association, as of Monday, more than 1 million PPP loans have been approved for a total of $248 billion.<\/p>\r\n
Small businesses with no more than 500 employees are eligible to apply. They can qualify for a loan that would cover two-and-a-half months of payroll, with a cap of $10 million. The loan is forgivable if businesses use at least three-quarters of it to cover payroll. The remainder can be used to cover rent, utility, and other essential costs.<\/p>\r\n
Trump has been calling for an extension of the program, requesting another $250 billion to be added when Congress takes up the next COVID-19 relief package. However, with the House of Representatives not expected to reconvene until next month, it may be several weeks before that round of funding becomes available.<\/p>\r\n
\u201cMoney is going out,\u201d <\/strong>Trump told reporters Tuesday. \u201cIt’s been a tremendous program, really. It’s been, and obviously it was at a point where we’re almost\u2026 the money will be expired, and we could use a refill for the workers. We want to be able to make sure that small businesses stay open.\u201d<\/strong><\/p>\r\n\r\n <\/p>\r\n","protected":false},"excerpt":{"rendered":"
Few gaming states celebrated Tuesday\u2019s announcement by the US Department of Treasury that officially expanded the Small Business Administration\u2019s (SBA) Paycheck Protection Program (PPP) loan initiatives for small businesses affected by the COVID-19 outbreak. However, Montana\u2019s gaming establishments certainly had reason to celebrate. On Tuesday, the federal government changed the rule regarding gaming income for […]<\/p>\n","protected":false},"author":45,"featured_media":133131,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[13],"tags":[],"acf":[],"yoast_head":"\n
Montana Scores Big Win as Small Gaming Taverns Can Seek PPP Loans<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n