CNN reports that the new HEALS financial stimulus presented yesterday by the Senate GOP includes another round of Payroll Protection Program (PPP) loans for small businesses. That’s good news if it makes its way through the process and the President signs it. On the flip side, that $600 weekly unemployment stipend will be cut to $200 if passed by Congress and signed into law.
The original PPP was a lifesaver for many businesses (like operating companies) when it became available. The $600 for workers, however, was a tad controversial because in combination with other unemployment program money, it tempted many employees to abandon their normal jobs because they made more on unemployment. Keep your eyes and ears on the news out of D.C.