We love our local business owners out there who are the backbone of our economy. I am amazed by the stories I'm hearing about how many of these businesses who are struggling, and in some cases fighting for their very existence during this COVID-19 pandemic, are actually doing all they can to help others in our community.

Last week, Congress passed the Coronavirus Aid, Relief and Economic Security (CARES) Act allocating $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses. Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward.

You can begin applying on Friday, April 3rd.

Here's more info for you on what this Paycheck Protection Program can do for you as a small business owner, and also a link so you get your money.

Here's How to Apply

First, fill out the SBA’s Paycheck Protection Program sample application. Businesses can submit their application to any existing SBA-approved private lender or through federally insured depository institutions, federally insured credit unions, and Farm Credit System institutions that are participating. If you have any questions, contact your lender.

The SBA and local banks around the country are still finalizing the program, so check with your local bank or credit union to see if they are taking part in the program. Banks that are already SBA-approved lenders may be quicker to put the loan program in place. Businesses may want to start by talking to any lender they currently work with first to see if they are taking part in the program as well.