As the IMA reported previously, small companies with less than 500 employees could begin applying for the
Paycheck Protection Program
beginning on Friday, April 3. This federal stimulus program authorizes up to $349 billion in forgivable loans for small employers to help cover payroll costs, mortgage interest, rent, and utilities for an eight-week period of time. Loan payments are deferred for the first six months.
In the first day alone, nearly 14,000 loan applications were submitted totaling more than $4.3 billion. There were some challenges with the program in the first few days but manufacturers are encouraged to apply for funding as needed.
The IMA is pleased to offer additional information about the PPP including
this tool
to help find local financial institutions that are eligible lenders along with application forms from the Treasury Department for
borrowers
and
lenders
participating in PPP
. U.S. Treasury released some additional guidance last night as well that can be
found here
.
Thank you for allowing the Illinois Manufacturers’ Association to provide you with timely and accurate information as we navigate this rapidly evolving time. We appreciate all that you are doing in this time of need.
Be well.
