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Applications now open for PPP forgiveness

Video Credit: NBC 26 Wisconsin - Duration: 02:47s - Published
Applications now open for PPP forgiveness

Applications now open for PPP forgiveness

Small businesses are now able to apply to have their paycheck protection program loans fully forgiven.

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HELP THAT'SAVAILABLE TO GETOUR COMMUNITY TOTHE OTHER SIDE OFTHIS PANDEMIC.MANY SMALLBUSINESSES HAVEBEEN ABLE TO KEEPTHEIR DOORS OPENWITH HELP FROMGOVERNMENTLOANS..AND NOWBUSINESSES AREABLE TO APPLY TOHAVE THOSE LOANSFORGIVEN... SO THEYWON'T HAVE TO PAYTHEM BACK.NBC26'S MATTJARCHOW HAS ALOOK AT THATPROCESS.AS THE CORONAVIRUSPANDEMIC HIT..ONE THING LED TOANOTHER AT THECRADLE TO CRAYONSLEARNING CENTER..FIRST..MANY FAMILIESPULLED OUT.JULIE STOFFEL,CRADLE TO CRAYONS"Classrooms aren't evenclose to capacity."THEN..REVENUEDROPPED.JULIE STOFFEL,CRADLE TO CRAYONS"We took a large hit."AND THEN..TOUGHDECISIONSFOLLOWED.JULIE STOFFEL,CRADLE TO CRAYONS"It's not easy when you'relooking at dwindlingnumbers and trying to letstaff go."JULIE STOFFEL SAIDTHROUGH ALL OF THECHALLENGES..BILLSNEEDED TO PAY..ANDCRADLE TO CRAYONSNEEDED TO CARRYON..JULIE STOFFEL,CRADLE TO CRAYONS"I decided to go afteranything and everythingthat I could just knowingthat childcare is a realnecessity.

Parents stillhave to go to work."STOFFEL APPLIEDFOR..ANDRECEIVED..A LOANFROM THE SMALLBUSINESSADMINISTRATION'SPAYCHECKPROTECTIONPROGRAM.IT'S ALLOWED HER TOGET BACK ON TRACK..AND GET STAFF BACKON THE PAYROLL.JULIE STOFFEL,CRADLE TO CRAYONS"To make those phonecalls to say hey, you cancome back, we're going tohave set staff and we'regoing to have people hereand I'm going to give youtime to do planning.

Thosecalls were fantastic."STANDUP MATTJARCHOW"This is now one of manysuccess stories from thepaycheck protectionprogram.

And leaders ofthe Small BusinessAdministration say theywant these loans to stay inthe hands of the peoplewho need them.

Smallbusinesses can now applyto have these loansforgiven."ROB SCOTT, SBAREGIONALADMINISTRATOR"Start to get yourinformation together, startpulling that together andlooking at the applicationand roughly filling it outnow, but there is no sethard deadline yet."FOR FULL LOANFORGIVENESS..ABUSINESS NEEDS TOHAVE USED 75-PERCENT OF THELOAN ON PAYROLLAND THE OTHER 25-PERCENT ON OTHERQUALIFIED EXPENSESLIKE RENT ORUTILITIES.THE FORGIVENESSAPPLICATION CANHELP A BUSINESSOWNER THROUGHTHAT..AND..FORBUSINESSES WHOMAY NEED ALOAN..THE PROGRAMIS STILL OPEN.ROB SCOTT, SBAREGIONALADMINISTRATOR"We've done more loansin the last six, sevenweeks than we have sincewe started in 1953."AT CRADLE TOCRAYONS..ONE LOAN HAS MADEA TREMENDOUSDIFFERENCE.MATT JARCHOW,NBC26.YOU CAN FIND THELOAN FORGIVENESSAPPLICATION ON OURWEBSITE AT NBC-26DOT COM..AND AS WECONTINUE 'THEREBOUND' WE HOPETO HEAR FROM YOU.IF YOU NEED HELPOR HAVE A STORY TOSHARE..LET US KNOW.YOU CAN REACH USAT NBC-26-REBOUND..AT NBC-26-DOT-COM.THE CANNERY PUBLICMARKET SAYS THEBUSINESS IS




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