Dear Local Business Member:
Paycheck Protection Program (PPP)
U.S. Department of Treasury released
new information
regarding the Paycheck Protection Program (PPP.) It prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses.
If the business meets the necessary conditions of the loan, a portion of it will be forgivable.
Please review below:
- A top-line overview of the program can be found here.
- If you’re a lender, click here.
- If you’re a borrower, click here.
- The application for borrowers can be found here. Take this with you to your bank along with your payroll information.
Here is a
guide
to help small businesses, independent contractors, workers and other qualifying individuals prepare to file under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Our hope is that this guide will prove to be a valuable resource for you as you begin to take the necessary steps towards accessing the fund to keep workers on the payroll during this disruptive period. Checklist in Spanish
here
.
For list of Frequently Asked Questions, click
here
.
Small Businesses Administration SBA Loans
Economic Injury Disaster Loans (EIDL)
The
SBA loan
program provides small businesses with working capital of up to $2 million that can help overcome the temporary loss of revenue during this time. Funds will be made available within three days of a successful application, and the loan advance ($10,000) will not have to be repaid. To apply c
lick
here
. You can apply even if you already have a EIDL from Hurricane Harvey. These loans have been deferred until the end of the year.
A free seminar will be held at 1PM TODAY.
Click
here
.
Additional Resources to Help Small Businesses
Please act quickly as this is an evolving situation. We want your information in as soon as possible. You will be receiving a call from our staff to check on how you are doing.
Take care. Be safe. Stay healthy.
Sincerely,
Diane Probst, CCE
President/CEO
Rockport-Fulton Chamber of Commerce
