Thursday, April 2, 2020

Information on the Paycheck Protection Program

The Paycheck Protection Program
Blowing Rock Chamber of Commerce Guide
Good Afternoon,

Over the next couple weeks The Chamber of Commerce will be detailing many options and resources available to small business operators to help cope with financial issues you are facing or may face in the coming months due to COVID-19.

Please see below for information released yesterday by the U.S. Department of the Treasury on the recently created SBA Paycheck Protection Program. The Treasury documents provide important information for both lenders and borrowers, as well as the loan application businesses will need to utilize when applying for a loan.
U.S. Department of Treasury Releases Information on Paycheck Protection Program 

Yesterday, the U.S. Department of Treasury shared new information regarding the Paycheck Protection Program. The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses. Please review the resources provided by the U.S. Department of Treasury below and visit their webpage for additional information.
  • A top-line overview of the program can be found here.
  • If you’re a lender, more information can be found here.
  • If you’re a borrower, more information can be found here.
  • The application for borrowers can be found here.

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