The Paycheck Protection Program — better known as the PPP — arrived soon after the start of the pandemic as a way to help small business owners keep people employed. Now the PPP loan period is over, so does that mean business owners struggling with the effects of the pandemic are out of luck?
The short answer is no! There is still money for small business owners who have been hit hard by the pandemic, even though the PPP loan is no longer available.
What’s the Paycheck Protection Program?
Maybe you’ve heard all about the PPP from a fellow entrepreneur, but you’re not 100 percent sure what it is. It’s been a busy few years — we get it!
Often called the PPP, the Paycheck Protection Program was a government loan backed by the US Small Business Administration that began paying out in 2020 to small businesses. Employers could use the money to help fund payroll costs, including employee benefits as well as other expenses, to keep the doors open despite hardships from COVID-19 lockdowns.
The federal government laid out PPP funds twice, and many of the loans have been forgiven by the government, meaning businesses in various industries from the hotel industry to the restaurant industry didn’t have to pay them back.
That was great news for the business owners whose businesses together received nearly $800 billion in government aid, especially those whose loans were forgiven to the tune of more than $629 billion. But what happened to the program? Why was the PPP canceled?
What Happened to the PPP Loan?
The PPP loan officially ended on May 31, 2021 although funding that had been allotted by Congress to help small businesses ran out before the program even met its official end date.
The reason? Congress opted not to pass a proposal by the Biden administration to extend the program through its American Rescue Plan, which would have added another $7 billion in funding resources for small businesses that took an economic hit from COVID-19.
At this time, there is no sign that the PPP loan is coming back.
What About My Business?
Even without access to the Paycheck Protection Program, there are options for small business owners to get government aid. There’s no one-size-fits-all option like PPP, but there are millions of dollars available in programs built to help businesses of various sizes and in different industries.
Find out more about the other options
The sheer number of choices can bog you down in investigations for days, but a ClaimYourAid team member can help you find the programs built with your business in mind, in no time.
Click here to schedule your free consultation with a member of the ClaimYourAid.com team to find out if your business qualifies for government grants, credits, or refunds.