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The Paycheck Protection Program will be available through June 30.
By Forum Staff
Small business owners across the five boroughs can now apply for forgivable federal loans to help cover payroll, rent, mortgage payments, and utility costs during the fallout from the COVID-19 pandemic, City Councilman Eric Ulrich (R-Ozone Park) noted Friday.
The U.S. Small Business Administration Paycheck Protection Program loans, designed to provide a direct incentive for small businesses to keep their workers on the payroll,will be given on a first come, first serve basis. The administration 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.
According to SBA, the following entities affected by COVID-19 may be eligible:Any small business concern that meets SBA’s size standards (either the industry based sized standard or the alternative size standard); any business, 501(c)(3) non-profit organization, 501(c)(19) veterans organization, or Tribal business concern (sec. 31(b)(2)(C) of the Small Business Act) with the greater of 500 employees, or that meets the SBA industry size standard if more than 500; any business with a North American Industry Classification System Code that begins with 72 (Accommodations and Food Services) that has more than one physical location and employs less than 500 per location; sole proprietors, independent contractors, and self-employed persons.
The Paycheck Protection Program will be available through June 30, 2020. For more information, or to apply, visit sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program-ppp.
