The program will benefit employers with 500 employees or less.
Buffalo, N.Y. The Buffalo Niagara Partnership, our regional Chamber of Commerce, announced today that it has begun accepting applications for the Paycheck Protection Program (PPP). The program has been made available by the U.S. Small Business Administration (SBA) to help employers, with 500 employees or less, deal with the financial impact of COVID-19. The program will run through June 30, 2020.
The PPP is a loan that aims to provide a direct incentive for small businesses to keep their workers on the payroll. The SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. Businesses in certain industries with over 500 employees may still be eligible if they meet the SBA Size Standards.
Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. This loan has a maturity of 2 years and an interest rate of 1%.
For more information on this opportunity, the U.S. Chamber of Commerce has put together the Coronavirus Emergency Loan Small Business Guide and Checklist.
The Buffalo Niagara Partnership also echoed additional available aid packages from the U.S. Small Business Administration, like the Economic Injury Disaster Loan (EIDL) Emergency Advance, Express Bridge Loans and the SBA Debt Relief. and reiterated its commitment to providing employers with the latest information and resources for relieving financial challenges presented by COVID-19.
Further questions about all aid packages can be sent to connect@thepartnership.org.