Included below is some recent information provided by the Small Business Association outlining the new Paycheck Protection Program. 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.
You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program.
Lenders may begin processing loan applications as soon as April 3, 2020. The Paycheck Protection Program will be available through June 30, 2020.
For more information on who can apply and loan details, please visit https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program-ppp
See below for additional resources for small businesses feeling the impacts of the COVID-19 pandemic.
- Employment and Economic Development updates: https://mn.gov/deed/newscenter/covid/
- SBA Loan Application: https://www.sba.gov/funding-programs/disaster-assistance
- Business Tool Kit: https://www.mnchamber.com/blog/covid-19-business-toolkit
For a recent update from Mayo Clinic Health System, click here –> Covid -19 Update
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New Prague Chamber of Commerce