Application For Small Business Administration’s Paycheck Protection Program Begins

Baylee Friday
April 03, 2020 - 1:21 pm
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DFW (1080 KRLD) - A flow of cash is on the way to small businesses in North Texas. 

Starting today, business owners can apply for loans and grants under the Small Business Administration’s Paycheck Protection Program. It’s part of the $2 trillion relief package signed into law last week. 

"If you don't need the money, you can always give it back," said Nancy Hong, Assistant Director of the Caruth Institute for Entrepreneurship at SMU.  "But get in line. It's something that will help you-- the businesses owners-- get over this challenging time. Then you can decide later whether or not you want to use [the money]."

Hong says most of the money will be used to keep employees on the payroll. The rest can be used for things like rent, utilities and bills. 

Any small businesses with under 500 employees can apply to the program, which is available through June 30th