Minnesota Small Business Owners Suffering Due to Covid-19 Need To Act Now For Free Money
Our lives have basically flipped upside down these last few weeks as we are socially distancing due to Covid-19. All over social media, we are seeing small business owners working hard and getting creative while serving their customers as we stay at home. I also know many who are not on the essential list and have had to close these last few weeks and are struggling to survive. Our government has provided a way to help those with small businesses, which is a great relief, but business owners need to act fast because those funds are expected to be gone soon. If you know a business owner, please share this info with them immediately.
According to a press release from Sterling State Bank, the Paycheck Protection Program (PPP loan) is a "forgivable loan program that enables small businesses to apply for a forgivable loan up to ten million dollars."
If you are a small business owner and have 500 or fewer employees, you can apply for the PPP program. These funds can help cover 8 weeks of payroll costs, including benefits. The press release also indicated the following details about the PPP program:
- Funds are provided in the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities.
- Loan payments will be deferred for six months.
- The application process opened up April 3rd and runs through June 30th but funds are limited so it is a first come first serve basis and funds could dry up as early as next week.
- This is free money from the government that if spent on Payroll, benefits, mortgage interest, rent and utilities can be fully forgiven.
“Through the government funded PPP program we have locked in over $30,000,000 dollars in desperately needed economic stimulus for the small businesses, their employees and the communities we serve” said Sterling State Bank President Justin McNeilus.
To apply, you should contact your bank or credit union immediately since funds are limited and have already been distributed to businesses who have applied.
How are you supporting local businesses? Sharing this story on your Facebook and other social media is one way to help. If you've got other ideas, I'd love to hear about those too! Send me a message to my Facebook page (Jessica On The Radio). or DM me on Instagram.
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