The Paycheck Protection Program: What is it and how can you apply

This comes in the form of a loan, and businesses must apply through local banks that are signed up to be Small Business Administration lenders.

Businesses with fewer than 500 employees are eligible to apply.

Kezi 9 news.

There is a program... designed to help employees who've been laid off... get back on their feet.

Kezi 9 news reporter kennedy dendy shows us what you need to know about the paycheck protection program.

Ed:?this would really help us stem the tide of being able to provide, keep people employed?

Ed emberlin is the co-owner of'visiting angels a non-medical in home care agency for seniors.

His business was*approved for the paycheck protection program.

Ed:?keep our caregivers employed because theyre really struggling as well.

Theyre not the highest paid individuals in the workforce area.

Trying to help them maintain their previous wages, this will be really great for that?

There are 3 covid-19 packages that the federal government passed... and*this program was designed to bring in cash for businesses and to re-hire employees.

Bridge: the paycheck protection program says that at least 75% of the funds must be used for payroll costs.

But what about businesses like this one behind me that are closed, and do not have workers on the payroll?

Brittany-?a lot of businesses who laid staff off are going to very quickly need to turn around and rehire those staff because their 8 week clock is going to already start?

Brittany quick- warner of the eugene chamber of commerce says there are some shortfalls to this program.

Brittany-?the difficulty is, as soon as you get those funds that when your 8 week clock starts for being able to use that and get reimbursed or have the loan forgiven?

Businesses with fewer than 500 employees are eligible to apply for the paycheck protection program loans.

First contact your bank to ask if applications are being accepted.

Reporting in eugene, kennedy dendy kezi 9 news.

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