Posted on April 1, 2020
Dear Friends and Neighbors,
The US Department of the Treasury has released details about the Payroll Protection Program. As I had mentioned in my last email, this program allows all small businesses, including sole-proprietors, to take out loans equivalent to 2.5 months of payroll. Some or all of the loan will be forgiven.
Here are the links to information about this program.
The loan is made by SBA lending banks. Most commercial banks are SBA lenders. Here is a link to the list of the 100 most active SBA lenders for your reference.
The stimulus package provides $350 billion for this program. While this is a substantial amount of money, I would still recommend applying now if you are in need of this forgiveable loan.
State Representative Harry Arora
151st General Assembly District