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FOUNDER OF BLACK-OWNED ACCOUNTING FIRM SAYS HIS CLIENTS ARE ALREADY GETTING STIMULUS CHECKS
Nationwide -- In March 2020, the U.S. government announced that trillions of dollars would be made available to organizations, small businesses, and individuals in an effort to stimulate the economy. As of Monday, April 6, many small businesses are already starting to see the reality of that initiative.
Randy Hughes, founder and CEO of Counting Pennies, LLC, says that several of his small business clients are already seeing loan money come in from the Paycheck Protection Program (PPP). The PPP is part of the third phase of a 3 phase progress the government wrote into law in March. Under the program, business that have employees are encouraged to keep those employees on payroll and hire back any that they had to layoff.
"The Payment Protection Program is a wonderful opportunity for small businesses to keep their doors open, continue serving their communities, while at the same time retaining their employees," Hughes says. The program is a loan that is based on 2.5 times the average monthly payroll of the business. Once received, the funds can be used to cover payroll for employees, as well as other expenses, such as utilities, mortgage interest, and lease payments.
