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Applications for the Paycheck Protection Program – designed to help small businesses affected by the COVID-19 global pandemic by paying for two months of a business’ payroll costs – are being accepted.
Money must be used for payroll or rent, mortgage interest or utilities.
Small businesses with a workforce of up to 500 employees; 501 (c)(3) private nonprofit organizations; 501(c)(19) veterans organizations; businesses in certain industries that meet the U.S. Small Business Administration’s industry size standards; and small food and hospitality businesses with more than one location and fewer than 500 workers are eligible to apply.
According to state Sen. Jill Tracy’s office, loans will be completely forgiven as long as the money goes toward payroll costs. Her office reports that the loan matures in two years with an interest rate of 1 percent.
Applications will be accepted through June 30.
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