SBA continues to accept Paycheck Protection Program applications
News from Lake County Community Development Corporation
The SBA is still accepting Paycheck Protection Program (PPP) applications from participating lenders. This funding could play a very important role in your re-opening and business continuity strategies. PPP is a loan designed for small businesses to keep their workers on the payroll. 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. (See the SBA website for details.)
We strongly recommend working with your local bank or credit union. I’m sure your email has been flooded like mine with online lenders you’ve never heard of as well as some pretty sophisticated scams. If you do not have a relationship with a local bank or credit union for your business, now is a great time to begin building one.
The SBA has additional new loan capital, so if your bank or credit union can’t meet all of your debt needs, contact us or have your loan officer contact us.
Lake County Community Development appreciates you and your business team for everything you do to create and sustain great jobs, products and services in our communities. There are many resources available through both the federal and state governments at this time for businesses. As always, the LCCDC team is standing by to assist you. The LCCDC website has a specific section for COVID 19 resources.
If you have any questions or would like to better understand the resources available for businesses, please contact our offices at 406-676-5901.