Starting today, small businesses and sole proprietors can apply for financial assistance through their banks and credit unions.
As I’ve mentioned in previous communications, the Paycheck Protection Program (PPP) offers forgivable loans to small businesses that keep all their employees on the payroll for eight weeks and use the money for payroll, rent, mortgage interest, or utilities. Seventy-five percent of the money must be used for payroll.
This program is part of the recently-enacted federal coronavirus relief legislation, known as the CARES Act.
The Economic Innovation Group will host a webinar with more information on this program TODAY from 1 p.m. to 2 p.m. Register here.
Businesses and sole proprietorship should contact their banks directly. You can apply starting today through any participating financial institution. The U.S. Small Business Administration has more information about the loans, a list of participating lenders, an application form and more.
You can always find information about federal and state programs on the state’s coronavirus website.
David Lehman, Commissioner