Help Available Now for Business Owners

Help Available Now for Business Owners
Posted on 04/03/2020

If you have had a business since Feb. 15, 2020 and have been impacted by the COVID-19 virus outbreak, you may be eligible for a Paycheck Protection Program (PPP) loan with the U.S. Small Business Administration.  Business owners need to act quickly. Applications are being accepted now and loans are available through June 30, 2020.

The program provides cash-flow assistance through 100 percent federally guaranteed loans to employers who maintain their payroll during this emergency. If employers maintain their payroll, the loans would be forgiven, which would help workers remain employed, as well as help affected small businesses and our economy snap-back quicker after the crisis. PPP has a host of attractive features, such as forgiveness of up to eight weeks of payroll based on employee retention and salary levels, no SBA fees, and at least six months of deferral with maximum deferrals of up to a year.

Small businesses and other eligible entities will be able to apply if they were harmed by COVID-19 between February 15, 2020 and June 30, 2020. This program would be retroactive to February 15, 2020, in order to help bring workers who may have already been laid off back onto payrolls.

Applications are being accepted now. Visit the Small Business Administration to learn more and apply.