Roanoke Small Business Development Center helps with paycheck protection program

Roanoke Small Business Development Center helps with paycheck protection program

Roanoke Small Business Development Center helps with paycheck protection program

It's called the PPP, or the paycheck protection program.

On Friday millions of firms are expected to apply to lenders approved by the Small Business Administration for low-priced loans that the government says will be forgiven if employers keep people on their payroll through the end of June.

Operators of name-brand hotels, restaurants, service chains and franchises with thousands of employees at locations scattered across the US are eligible.

The CARES Act signed by President Trump provided the $349 billion to establish the Paycheck Protection Program.

"In time of need, I'm hoping anybody can get help".

"The ongoing process and the administering of these loans is still an evolving situation", said Hoff. "They can't even tell you what you need to bring in to file the application".

The National Federation of Independent Business has a side-by-side comparison of the EIDL and PPP programs here. He said he is concerned by "every day that goes by and people aren't getting paid". If you're not eligible, you can still try the SBA's disaster assistance loan program. He understands why some bankers are frustrated by the late guidance, getting the rules before the program was to begin. If a business has maintained the employee headcount it had as of February 15, 2020, it will get the full forgiveness amount.

Employers should be aware that the SBA determines the size of a business on an "affiliate" basis - meaning that a borrower must include the employees or receipts of all affiliates when determining the size of their business and eligibility for an SBA loan. They can take a loan up to $5,000 with no interest to help with hard costs like rent or any debt they may have and they don't have to repay it for up to a year. What's more, this amount isn't protected in taxable income. The SBA typically loans small amounts of money to entrepreneurs and small business owners and also traditionally guarantees many "riskier" loans that banks enter into to finance entrepreneurs and small business owners.

On Wednesday, House Minority Leader Kevin McCarthy, R-Calif., said he spoke to Mnuchin and the two concluded "this is going to be solved", allowing startups to dip into the $350 billion in federal aid.

From a wider perspective, she wants to see businesses thrive and people working again. "I'm still sitting here with my application", Geiger told News. They've also worked to get a Winnebago County relief loan set up as well.

"In the past, new programs like this take over a year to get started", Graves says.

Other business owners wondered whether the loans would be enough to sustain them for any length of time. "We know that it doesn't solve all of the problems and I think they recognize that as well but at least it's something to try and have them here when this is all said and done". It said Friday that it had received over 500 new applications on the first day the program became effective and had received a total of 1,117 requests from existing customers over eight business days.

Ted Stein, who operates a small software business in West Virginia, filled out an online form Thursday through PNC Bank, saying he was interested in applying.

There is now substantial financial help for small businesses. However, there is some relief in sight for those business owners.

The chambers in Crystal Lake, Joliet and Sauk Valley, for example, update their websites regularly with information about COVID-19.

At Envision Bank, a community bank south of Boston, chief executive Bill Parent said this was too important for his bank not to participate, even though the bank typically doesn't handle Small Business Administration loans.

"That's been very beneficial", Noble said. "The money will start to go out the door once these applications are processed over the next short period of time".

To qualify as a "small business" for the objective of the Paycheck Protection Program, a business must have fewer than 500 employees, whether small businesses, sole proprietors, LLCs, S or C corporations, self-employed or contractors. "The governments given you that money", Nasser said.

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