Small businesses start to see relief through Paycheck Protection Program
Small businesses in financial distress due to the coronavirus pandemic are starting to see some relief in the form of forgivable loans.
Business owners began applying on Friday for help from the 349-billion dollar Paycheck Protection Program.
The program offers loans to cover payroll costs, utilities, and mortgage interest for eight weeks.
If the money is used for that, the loan will be forgiven.
Businesses with 500 or fewer employees are eligible, along with some non-profits.
Senator Susan Collins tweeted that as of April 6th 1,861 Maine employers have received nearly $511 million in loans.
“There is a one page application form for the small business person to fill out." says Amy Bassett, Maine SBA district director, "That's what they're going to take to the bank along with their payroll records in order to apply for the loan. That's one of the things that we want to make sure people realize is that this isn’t something where they apply directly to SBA they apply at their local bank, credit union, or whatever lender they're using.”
There is no application fee.
Go to SBA.gov/paycheckprotection for more information on how to apply.