Paycheck Protection Program helping businesses, employees get through COVID-19 crisis
STEVE SMITH • SSMITH@LACLEDERECORD.COM
The purpose of a stimulus program for small businesses is to make sure employees keep getting paid throughout the COVID-19 pandemic, according to a local bank president.
Speaking at Thursday’s community coronavirus briefing, Kim Light, president of Heritage Bank spoke about the Paycheck Protection Program, a stimulus program to help employers keep their employees on the job.
“It’s a Treasury Department program that’s administered through the Small Business Administration and then distributed through the banking industry, the financial institutions,” Light said. “I believe most banks and most credit unions are participating in the program.”
He said $550 billion was allocated originally and now Congress is discussing adding $250 billion.
“The program has been that popular and they see the need for the additional funds,” Light said.