Local lenders are able to help small businesses during the Coronavirus pandemic. Guidelines for the Paycheck Protection Program were issued by the Treasury Department this week. The program makes money available in “fully forgivable loans” to help small businesses maintain payroll during the coronavirus pandemic.
The loans for two years are available at 1% for loans of over $2 million to .5% for loans of $350,000 or less, with payments deferred for six months
The loans are guaranteed by the Small Business Administration or SBA and could be available by the end of this week.
Local banks that are SBA certified lenders would be eligible to make the loans and the SBA will quickly verify that banks applying are federally regulated.