Coronavirus Updates for the Seneca Chamber Community
Greetings Chamber Community,

In our commitment to serving the local business community, we have gathered some useful information and resources to help your business or family plan for and deal with this ongoing situation. As more information becomes available, we will continue to update our website ( and social media ( facebook/DiscoverSeneca).
Payroll Protection Loan Program:
The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program (PPP), the initiative provides 100% federally guaranteed loans to small businesses.Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward.

For a Loan Guide Overview of the Program, Click Here

Lenders : For More Information, Click Here

Borrowers , For More Information, Click Here

For An Application , Click Here
What Can PPP Funds Be Used For:
The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.
How Much Can I Borrow:
Loans can be up to 2.5 times the borrower’s average monthly payroll costs, not to exceed $10 million. This is calculated by:

Sum Of Included Payroll Costs - Sum of Excluded Payroll Costs

For list of Included/Excluded -- Click Here
What Does Loan Forgiveness Mean?
Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.
When Can I Apply:
Starting April 3, 2020, small businesses and sole proprietorships can apply. Starting April 10, 2020, independent contractors and self-employed individuals can apply. We encourage you to apply as quickly as you can because there is a funding cap.
Who is Eligible?
Small businesses with 500 or fewer employees—including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors—are eligible. Businesses with more than 500 employees are eligible in certain industries.
How Do I Apply?
You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating. All loans will have the same terms regardless of lender or borrower. A list of participating lenders as well as additional information and full terms can be found at
Important Guidance:
Although the program is open until June 30, 2020, we encourage you to apply as quickly as you can because there is a funding cap and lenders need time to process your loan.
This email made possible by the investment support of our Chamber members and partners, including the Chamber Platinum members:
LNB new