Paycheck Protection Plan offers relief for small businesses

As part of the $2 trillion economic stimulus package passed by the Trump administration, small businesses nationwide will have the option to sign up for a loan to keep money in their pockets. The Paycheck Protection Plan helps loan business owners cover payroll while their employees aren’t able to work.

Posted: Apr 8, 2020 6:47 PM
Updated: Apr 8, 2020 7:01 PM

(ST. JOSEPH, Mo.) Small businesses are hurting amid the fallout of Covid-19.

"It's been so terrible to have to lay folks off or cut hours back," Alyson Fisher, a small business owner said. 

Fisher, who runs a local floral shop, said nothing could prepare her for the coronavirus.

"We’ve come to a screeching halt in business," She said. "How do you prepare for that?"

As part of the $2 trillion economic stimulus package passed by the Trump administration, small businesses nationwide will have the option to sign up for a loan to keep money in their pockets. The Paycheck Protection Plan helps business owners cover payroll while their employees aren’t able to work.

"This is the federal government’s way of wanting to keep those people employed," Annette Weeks, Craig School of Business, Missouri Western State University said. 

The loan is also available for gig economy workers, those who are self-employed and sole proprietors.

Those eligible would receive up to 2.5x their average monthly payroll based on 2019 tax info.

"It keeps them connected to [their] business in the long run," Weeks said.  "When we’re on the other side of this they can immediately go right back to work and pick things up."

While Fisher admitted there are some delays in the system, she said it’s important to take advantage of the resource so she can be ready to move on once the virus has passed.

"I think it’s important to grab those funds and use them so we can be beefed up and ready to go." She said. 

The Paycheck Protection Program aims to provide payroll compensation for up to 8 weeks. 

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