Starting Friday, many struggling Alaska businesses can apply for aid through the $284 billion PPP program Published January 13
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We re making this important information available without a subscription as a public service. But we depend on reader support to do this work. Please consider supporting independent journalism in Alaska, at just $1.99 for the first month of your subscription. The Small Business Administration’s $284 billion reopening of its popular Paycheck Protection Program providing forgivable loans to small businesses hurt during the COVID-19 pandemic will soon expand after a limited launch early this week. The extension of the program is part of the $900 billion COVID-19 relief bill passed by Congress late last year.
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The second Coronavirus Relief Act passed by Congress in December, includes $284 billion more for businesses hurt in the pandemic. The basic idea remains the same – pass money to businesses so they can keep paying workers. But the bill has expanded eligibility for the loans to include nonprofits and live venues and cultural institutions which have been struggling due to pandemic-forced closures.
“I’m glad the second draw is coming around because we need it, again.”
Clark Bihag, the senior area manager for the Small Business Administration, says the SBA is being more methodical with the opening of this round of the Paycheck Protection Program.
1:56
The second Coronavirus Relief Act passed by Congress in December, includes $284 billion more for businesses hurt in the pandemic. The basic idea remains the same – pass money to businesses so they can keep paying workers. But the bill has expanded eligibility for the loans to include nonprofits and live venues and cultural institutions which have been struggling due to pandemic-forced closures.
“I’m glad the second draw is coming around because we need it, again.”
Clark Bihag, the senior area manager for the Small Business Administration, says the SBA is being more methodical with the opening of this round of the Paycheck Protection Program.
Print article
We re making this important information available without a subscription as a public service. But we depend on reader support to do this work. Please consider supporting independent journalism in Alaska, at just $1.99 for the first month of your subscription. The new, $900 billion COVID-19 aid package will provide much-needed help for small businesses in Alaska with a new round of funds from the popular Paycheck Protection Program, plus extra support for restaurants, breweries, bars and hotels that were hit hard after tourism collapsed this summer and local governments instituted restrictions to slow the spread of the virus. Nationwide, the new stimulus bill the follow-up to the giant CARES Act passed in March will provide close to $300 billion of the forgivable PPP loans that helped keep businesses afloat earlier this year. The program so far has delivered $1.3 billion to about 12,000 Alaska businesses, helping them cover employee paychecks, rent and other cos