More Funding for PPP —
Congress is close to approving an additional $310 billion for the SBA’s Paycheck Protection Program (PPP). Additional funding ($60 billion) is also expected to be approved for SBA’s disaster loan program.
The PPP Program helps small businesses and not for profit organizations maintain payroll and employees by offering loans that turn into grants if program requirements are completed.
The demand for PPP has been very high thus the need for Congress to approve additional funding. The program is on a “first come first serve basis” so time is of the essence if you have not applied.
Applications must be submitted through your local bank or credit union. It is best to work with your existing financial institution to submit an application for PPP funding.
Enhanced Unemployment Insurance (UI)
During the pandemic, an additional $600 is available in weekly supplements to regular UI benefits. For employees eligible for the maximum weekly NYS UI benefit of $504, the additional $600 weekly payment translates into a combined weekly income of $1,104. The supplemental funding is available through July 31, 2020.
For the first time, UI benefits are also available to the self-employed and individual contractors. See https://www.labor.ny.gov/ui/pdfs/pua-factsheet.pdf for more information.
If we can be of assistance, please email us.
See earlier COVID 19 updates at www.schenectadymetroplex.org