SMALL BUSINESS OWNERS MAY FIND FINANCIAL RELIEF WITH PAYCHECK PROTECTION PROGRAM
If you own a business with 500 or fewer employees and you’re struggling right now, here’s some good news.
The new paycheck protection program President Donald Trump signed into law is designed to give small businesses a boost.
Here’s how it works: If your company has 500 or fewer employees, you can qualify for a loan to cover qualifying expenses like payroll, utilities and rent. Regulations are still being finalized through the Small Business Administration, but it’s estimated that companies will have an eight-week period to use the funds.
“And if you use the loan for qualifying expenditures in an eight-week period that starts on the day of the loan, then the loan can potentially be forgiven 100%,” Scott Goldsmith of Jamison Money Farmer & Co. said.
Once the requirements of the program are finalized, an FDA-approved lender can help you through the loan process.