June 26, 2020 — The U.S. Department of Treasury and the Small Business Administration announced on Thursday, 25 June, that commercial fishing vessel owners are now eligible to apply for Paycheck Protection Program (PPP) loans.
The loan program is a COVID-19 relief initiative designed to enable small business owners to keep workers on the payroll as the coronavirus impacted their operations. The loans can be fully forgivable if the recipient uses at least 60 percent of the funding toward paying workers.