Paycheck Protection Program loans should be available starting
Friday, April 3, 2020!
The Paycheck Protection Program is part of the stimulus package (CARES Act) passed into law by Congress and may help get your business through the coronavirus crisis. Please read over the information below to be better prepared and take advantage of this program.
How does the program work?
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. The Small Business Association (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.
To apply for the loan, follow these few steps:
Check out the qualifications for the program on the SBA site.
If you qualify, complete the application form. (Just one application provided to one lending institution.) Here's what you'll need to be prepared with:
Your business TIN
Average monthly payroll
Number of jobs supported by your company
What specifically you want to use the loan for
List of all owners with at least 20% stake in the business
Affirmation that owners are not party to federal crimes
Make an appointment at an SBA-approved lender to move forward with the application process.
For additional details, go to the SBA site. Other great resources to help you get through the COVID crisis can be found at CentralOregonSOS.com
