At the Port of Benton we're working quickly to notify our clients, tenants, and partners of opportunities for local, state, and federal relief programs. The Paycheck Protection Program launches for small businesses today (4/3/20). Please read below for some main provisions of the program:
- Loans are primarily to cover payroll costs, and are eligible for forgiveness. Loans can be used for payroll costs and benefits, rent and lease agreements, and utilities. It is anticipated that non-payroll costs will be limited to no more than 25% forgiveness.
- Loans can be made for up to eight (8) weeks of average payroll costs, plus up to 25% more. Loan forgiveness may be adjusted down if you decrease your full-time employee headcount.
- You have until June 30, 2020 to restore full-time employment and salary levels. If you furloughed, laid off, or otherwise reduced your employment or salary levels between 2/15 and 4/26 you have until June 30th to restore prior staffing levels.
- You can apply through any SBA lender, federal depository, or federally insured credit union. See www.sba.gov for a list of lenders.
- Go to www.sba.gov for the most accurate and up-to-date information. The Port of Benton is providing this information as a courtesy, and cannot assure the validity of the any single statement. We're obtaining this information from the Small Business Administration, and encourage you to view the most accurate and up-to-date information on their website.
