LIVE: Smallest Businesses Eligible For Paycheck Protection Loans
Businesses With Under 20 Employees Have Exclusive Application Period Through March 9th
The smallest businesses that are struggling during COVID have a chance to apply for a financial lifeline, but they better hurry.
Businesses with fewer than 20 employees have an exclusive window to apply for Paycheck Protection Program loans through March 9th.
This is the second round of PPP loans from the government.
The loans are meant for paying employees during the economic downturn caused by the pandemic.
They can be forgiven if businesses meet certain guidelines.
Choice Bank CEO Brian Johnson says smaller businesses are getting a chance to sign up now because it can be harder for them to seek out loans and keep their businesses running at the same time.
He adds, “This is a good way for them to get to the front of the line and get some extra special attention and try to get qualified the first time around.”
Johnson says Choice Bank gave our around two thousand PPP loans during the first round of funding, and the bank calculates it helped save more than 40,000 jobs in our region.
Click here for more information on PPP loans and how to apply.