Struggling small businesses could soon see relief.
The Paycheck Protection Program is meant to be an incentive for companies to keep their workforce during the COVID-19 pandemic.
This loan program was established under the multi-trillion-dollar federal stimulus package that passed Congress and was later signed by the president.
The program will be administered through the U.S. Small Business Administration.
The loan is meant for companies that have fewer than 500 employees.
Applicants can receive up to $10 million which can be forgiven in certain cases.
The Small Business Administration will forgive loans if all employees are kept on the payroll for eight weeks, and the money is used for payroll, rent, mortgage interest, or utilities.
Lenders will begin processing applications as soon as today.
The program will be available until June 30th.