CARES ACT BRINGS THE Paycheck Protection Program To help Your Business
Beginning today, April 3rd, small businesses are eligible to start applying for the Paycheck Protection Program loans.
These loans are designed to help small businesses with their payroll related expenses. Details for the program can be found on the US Treasury Website at: https://home.treasury.gov/policy-issues/top-priorities/cares-act/assistance-for-small-businesses
You business could be eligible to borrow up to two and a half months worth of payroll expenses and then have that loan fully forgiven if you meet the federal guidelines for the forgiveness.
The loan is designed to help you either keep existing staff on your payroll or hire them back by the current deadline of June 30th. Below are informational documents and the application to give to your bank.
Please reach out to your lender to see if they are going to be an approved lender for this program. Your lender may require that you have a business relationship with the m to facilitate the loan.
Please keep following the PBA blog as we will make additional posts as information becomes available to help the Pasadena business community.
Thank you to our local small businesses for all you do. We could not be a community without you!