Dear Members:

Just a reminder that the Paycheck Protection Program, which offers forgivable loans up to $10 million to businesses with fewer than 500 employees, will begin accepting applications tomorrow. The SBA has provided a tool to help you identify financial institutions right here in our community where you can apply.

We know that now is an incredibly stressful time for you. And that's why this week, we have collected and shared a host of resources and tips to help you prepare to take advantage of this program. We have included several of these items below to help you prepare to apply.

The most important tip we have for you now is this: do not wait to apply. $350 billion has been allocated for this program, and yes, it is a lot of money. But many businesses across the nation will be applying for it. So be sure to apply tomorrow or as soon as possible after.
Pro Tips

  • Don't wait. $350 billion has been allocated for this program, and yes, it is a lot of money. But many businesses across the nation will be applying for it. Be sure to apply tomorrow or as soon as possible.

  • You do not have to visit any government institution to apply for the program. All you have to do is apply at an approved lending institution.

  • Keep your staff on payroll or rehire them to have loans forgiven. These loans can be forgiven if you maintain your payroll. This program is retroactive to February 15, 2020 to encourage the rehire of any previously laid-off employee. 

  • Non-payroll expenses can be forgiven. Loans can be forgiven up to the amount of the loan equal to the sum of expenses for payroll, and existing interest payments on mortgages, rent payments, leases, and utility service agreements. 

  • Forgiveness covers expenses incurred during an eight-week period beginning with the origination of the loan. Borrowers are eligible for loan forgiveness equal to the amount the borrower spent on the following items during the 8-week period beginning on the date of the origination of the loan: covered payroll costs (more information on covered payroll costs below), interest on mortgage obligations, rent and utilities.
Greater Gainesville Chamber of Commerce
300 E. University Ave., Ste. 100
Gainesville, FL 32601
352-334-7100
gainesvillechamber.com