Many small businesses are fretting because they still don’t have guidance on how the PPP Loan Forgiveness program will work, reports CNBC.

Time is running out for millions of small business owners on Main Street. It’s not just another round of cash that they need from Washington to avoid contagion.

According to the UPI, top white house officials are calling for the release of unused Paycheck Protection Program funds. 

Treasury Secretary Steven Mnuchin and White House Chief of Staff Mark Meadows on Sunday sent a letter to Congress calling for the release of unused Paycheck Protection Program funds amid ongoing talks on an additional round of COVID-19 stimulus.

 As the burden of debt continue pilling up due to the damage that the coronavirus continues to leave behind, many businesses are operating at a loss. Some are even on the brink of insolvency. As such, most of these businesses are looking for ways to remain afloat even as the burden of fixed charges keeps weighing them down even after closure of operations. Most of those facing the most significant challenge are the small businesses.

President Donald Trump is working on a plan that will see Small Business Administration being used to help the federal government in its response to the impacts of the coronavirus. This, of course, is done in collaboration with Capitol Hill. The aim of these efforts is to cushion small businesses by providing them as much as $50 billion in loans that will see them remain afloat during the economic meltdown caused by COVID-19 pandemic. This action will not only help businesses but will also benefit employees of these enterprises amid imminent layoffs courtesy of the virtual shutdown due to the widespread pandemic in the entire country. The layoffs have led Washington into adopting strict measures, including one of the largest stimulus packages in history at the backdrop of the economic crisis that is leading the country into recession.