Paycheck Protection Program Update
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
You can click on the following links for more information and resources offered by  IMA  and the  National Association of Manufacturers  regarding the PPP.
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.
Mark Denzler
President & CEO
Illinois Manufacturers' Association |