Paycheck Protection Program applications begin
Some local small businesses could start seeing financial relief now that a new loan program is available.
The application process recently opened for those applying for the Small Business Administration’s Payroll Protection Program as part of the $2 trillion coronavirus stimulus package signed by President Trump last month.
Local congressman Neal Dunn said almost anyone is eligible- all you have to do is own a business.
“It doesn’t matter whether a C corp or an S corp, you know pass-through, or by the way an individual contractor- so a 1099 type of person who’s an uber driver or somebody like that. Everybody gets to participate in this and it’s just as simple as going to your bank and saying hey it’s me i have a business and this is what my payroll looks like,” said Rep. Dunn.
SBA will forgive loans if all employees are kept on the payroll for eight weeks, and the money is used for payroll, rent, mortgage interest, or utilities.