Applying for and understanding the Paycheck Protection Program

Applying for and understanding the Paycheck Protection Program

The Paycheck Protection Program is for small businesses with 500 or fewer employees.

HOUSEHOLD IN MARCH AND APRIL.WE HAVE MORE INFORMATION ON FOXFOUR NOW DOT COM.VO PAYCHECK PROTECTION PROGRAM*THE CORONAVIRUS RELIEF PACKAGEIS GIVING HELP ’TO’ SMALLBUSINESSES TO KEEP THEIR WORKERSON THE JOB.YOU CAN APPLY ’TO’ THE NEW 349-BILLION DOLLAR "PAYCHECKPROTECTION PROGRAM" STARTINGFRIDAY.BUT NOW IS THE TIME TO PREPARE.*VO1 PAYCHECK PROTECTIONPROGRAM*SMALL BUSINESSES WITH 500 ORFEWER EMPLOYEES CAN APPLY.NON-PROFITS AND VETERANSORGANIZATIONS ARE ELIGIBLE.INDEPENDENT CONTRACTORS ANDPEOPLE WHO ARE SELF-EMPLOYED CANAPPLY STARTING APRIL 10-TH.LOANS CAN BE UP TO 2-AND-AHALF-TIMES YOUR AVERAGE MONTHLYPAYROLL COSTS...BUT NO MORE 10-MILLION DOLLARS.THESE LOANS WILL BE FORGIVEN IFBUSINESSES USE THE MONEY ACERTAIN WAY.*SOTVO PAYCHECK PROTECTIONPROGRAM*2:40 what the banks are gonnastart lending on friday there isa calculation towards payrolland some expenses that afterJune 30th you get a portion ofthat loan back.

2:54BESIDES PAYROLL... MOSTMORTGAGE INTEREST, RENT ANDUTILITY COSTS OVER THE LOAN’S8-WEEK PERIOD CAN LEAD TO ITBEING FORGIVEN.EMPLOYEE AND COMPENSATIONLEVELS HAVE TO BE MAINTAINED.TOM SULLIVAN WITH THE U-SCHAMBER OF COMMERCE SAYS THEYBELIEVE THESE NEW LOANS WILLKEEP SMALL BUSINESSES GOING.*SOTVO2 PAYCHECK PROTECTIONPROGRAM*6:58 on the one hand we’ve seencommunities come together tosupport small business.

On theother hand we heard horriblestories about businesses whohave been in the family forgenerations having to close.7:13YOU CAN FIND THE PAYCHECKPROTECTION PROGRAM APPLICATIONON THE TREASURY DEPARTMENT’SWEBSITE.YOU’LL NEED TO PROVIDE PAYROLLDOCUMENTATION TO YOUR LENDER.YOU CAN APPLY THROUGH ANY SMALLBUSINESS ADMINISTRATION LENDER..ALONG WITH MANY BANKS AND CREDITUNIONS.THIS PROGRAM IS OPEN UNTIL THEEND OF JUNE.THE