A bill to expand the Paycheck Protection Program (PPP) has passed the U.S. Senate and is expected to pass the House on Thursday, April 23rd. President Trump has already signaled he will sign the bill, which adds $310 billion funds for the depleted Paycheck Protection Program. There is no need to wait for this funding to get signed into law. You can put in an application now to get in line for these benefits. If […]
At this time the SBA has loaned out all the money under the Payroll Protection Program. We are leaving information about this program on our web page as we understand Congress is trying to come up with more funding. If more money is appropriated, employers should review changes in benefits to the PPP, if any, as well any new requirements. Cardinal will endeavor to keep you updated.
THE LOAN PROGRAM IS OPERATIONAL Implementation of the Paycheck Protection Program (PPP), established by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) has begun. Quite a few employers have applied to financial institutions for this loan and have been accepted into the program. Some of Cardinal’s employers have even already been approved for their PPP loans. UPDATED CLARIFICATIONS The Small Business Administration [SBA] is addressing some of the issues that have surfaced during […]
WHAT IS IT? The Paycheck Protection Program is designed to as a short-term loan to pay for employee payroll for 2 ½ months, as well as some utilities and rent. If you keep most of your employees after that period, the loan can turn into a grant. See loan for details. This program is designed to be a bridge to keep your employees employed during the COVID-19 public health emergency. Download program details here. THE […]