PPP Loan Applications Being Accepted

The Small Business Administration resumed accepting Paycheck Protection Program loan applications on Monday morning from approved lenders on behalf of any eligible borrower. According to information from the Sheridan County Chamber of Commerce, this is meant to ensure that the SBA has properly coded the system to account for changes made by the legislation. The Paycheck Protection Program is a loan designed 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. Those interested in applying can do so through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program. For more information follow this link https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program#section-header-0.