Paycheck Protection Program Loan Apps Start Friday

The application window for businesses to receive a Paycheck Protection Program loan, part of the federal coronavirus economic stimulus package approved last week, will start on Friday.  The Small Business Administration has published information on the program on its sba.gov website.  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.  The Dalles Area Chamber of Commerce CEO Lisa Farquharson says business owners should be making appointments with their lenders now, while noting not all bankers have received their rollout information.  Farquharson says businesses can download the applications from the Chamber’s website or home.treasury.gov, and other information on dealing with coronavirus impacts is available at uschamber.com.

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