VyStar Credit Union CEO Brain Wolfburg said on April 16 that he had received assurances from Florida elected officials in Washington and Tallahassee that the federal paycheck protection program would get more funding by now “Days to a week”.
WJCT News partner of Jacksonville Daily Record reports that Washington lawmakers and U.S. Small Business Administration officials announced on April 15 that the loan program designed to keep small business workers on the payroll during COVID-19 shutdowns was running out of money. silver.
“By law, the SBA will not be able to issue new loan approvals once the programs experience a credit disruption,” US Treasury Secretary Steven Mnuchin and administrator of the US Treasury said on April 15. SBA Jovita Carranza in a joint statement.
Businesses can apply for a PPP loan to repay up to eight weeks of salary costs if all employees are kept on the payroll.
The initial $ 350 billion in funding for the program was part of the federal government’s $ 2.2 trillion Aid, Relief and Economic Security Act (CARES), signed by President Donald Trump on March 27.
SBA program money is loaned by national and local financial institutions, banks, and credit unions.
Wolfburg said he had phone calls with Sen. Marco Rubio, R-Florida and Governor Ron DeSantis. He said Rubio made a commitment to the financial institution to recapitalize the PPP.
“The additional funding for the PPP is expected to arrive. They are committed to making it happen, ”Wolfburg said. “And if it does, those windows will open again and we will continue to fund it the same way we did.”
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