The Keeping American Workers Paid and Employed Act

25 Mar 2020 10:51 AM | Myron Rau (Administrator)

The Keeping American Workers Paid and Employed Act would provide $350 billion to help prevent workersfrom losing their jobs and small businesses from going under due to economic losses caused by the COVID-19 pandemic. The Paycheck Protection Program would provide 8 weeks of cash-flow assistance through 100percent federally guaranteed loans to small employers who maintain their payroll during this emergency. If theemployer maintains its payroll, the portion of the loans used for covered payroll costs, interest on mortgageobligations, rent, and utilities would be forgiven, which would help workers to remain employed and affectedsmall businesses and our economy to recover quickly from this crisis. This proposal would be retroactive toFebruary 15, 2020, to help bring workers who may have already been laid off back onto payrolls.