The Coronavirus Small Business Loan Program: What You Need To Know

David Bramante, the owner of West Newton Theatre in Newton, Mass., stands in the doorway of the theater noting its closure on March 27. | Credit: NPR by Suzanne Kreiter/Boston Globe via Getty Images

Starting today, small businesses can apply for the nearly $350 billion in loans available through the economic rescue plan from Congress.

The loan program, known as the Paycheck Protection Program, is intended to support businesses so they can ride out the tough economic times and most importantly assist with either keeping current workers or rehire those that were laid off.

It's sorely needed salve for all sorts of small establishments nationwide. Half of small businesses have less than 27 days' worth of financial cushion, according to one 2016 report, and many have already suffered weeks of low or no income.