LIVE: Help for Small Businesses

Thinking of making another try for the coronavirus relief loans? Here's what to know before you apply.

The second round of federal funds for small businesses hit hard by the coronavirus is going fast.

And if your business needs help, Small Business Administration officials in our region say you should apply now.

The first round of help was quickly swallowed up by a number of applicants, some of whom turned out to be large corporations.

That’s when congressional leaders decided to pass another round of stimulus funds, called the Cares 3.5 Program.

In this program, only businesses with 500 or fewer employees qualify.

If you’re self-employed or an independent contractor, you can apply too.

Seventy-five percent of the loan has to be used for payroll costs in order to be forgiven.

Alan Haut, North Dakota’s District Director for the SBA, joined the Morning Show’s Emily Welker live via Zoom to talk about how fast the money’s going this time, which payroll positions can be covered by these funds, and how to find out whether your small business is eligible.