The College of American Pathologists (CAP) is urging member practices that need financial support to apply soon for small business emergency funding and is backing new legislation aimed at expanding federal assistance.
Funds are now available through the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act, which created more than $350 billion in emergency aid for small businesses during the COVID-19 national emergency and economic downturn. Through CARES, small businesses can apply to the Small Business Administration for the Paycheck Protection Program, which provides loans to cover payroll, rent, mortgage, and utility expenses. If all employees stay on the payroll for eight weeks, the loans are forgiven.
CAP is backing new Senate legislation -- the Paycheck Protection Program Increase Act -- that would boost funding.