Senator Dianne Feinstein (D-Calif.) today released the following statement on the Small Business Administration’s Paycheck Protection Program that is part of the coronavirus response legislation signed into law last week:
“Small businesses are the engine that drives our economy. Key to helping small businesses and nonprofits stay afloat during this pandemic will be the SBA’s Paycheck Protection Program that Congress created in the $2 trillion coronavirus economic relief bill signed into law last week.
“This new $350 billion program will provide up to $10 million in cash flow assistance through federally guaranteed loans to employers who keep their employees on payroll during this emergency. The loans can be forgiven if certain conditions are met, including maintaining payroll levels.