Information for Businesses during the COVID-19 crisis:
Here is the information you will need to apply for these loans.
The disaster loan is a $25,000 low interest loan with $10,000 available immediately.
The PPP loan is 2.5 times your monthly wages and will take several weeks for the money to arrive.
Once the loan funds arrive, the next eight weeks will determine whether you can get this loan forgiven.
You must immediately rehire your employees and use this loan for payroll, rent, mortgage interest, and utilities
It is not to be used for anything else.
Once we are given the details on forgiveness we will pass those along to you.
**Note: You cannot have both the PPP and EIDL Loans however you may be able to roll the EIDL loan into the PPP loan. You will need to speak to your lender about this situation
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.
SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
The Paycheck Protection Program will be available through June 30, 2020 or until all available funding is dispersed.
Please find more information at the SBA website below: