Congress has approved over $300 billion in additional funding for the SBA’s Paycheck Protection Program (PPP). The Program helps small business owners 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 loans/grants has been very high and the program is on a “first come first serve basis” so time is of the essence if you have not yet 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. See links below for additional information.
Updated PPP FAQ:
How to Calculate Maximum Loan Amounts:
To assist small businesses impacted by the COVID-19 crisis, the Community Loan Fund of the Capital Region has teamed up with generous supporters, Neil and Jane Golub, the Capital Region Chamber of Commerce, Citizens Bank, Berkshire Bank, KeyBank, and local community organizations to launch the COVID-19 Small Business Continuity Program. The program will provide grants in amounts up to $20,000 to local small businesses during this crisis. For more information and to apply, please visit this page.
The Unemployment insurance (UI) Program is another vehicle to assist you and your employees and is an alternative to filing for PPP funding. During the pandemic, an additional $600 is available in weekly supplements to regular UI benefits. For employees eligible for the maximum weekly 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://labor.ny.gov/ui/pdfs/ui-covid-faq.pdf for more information.
If we can be of assistance, please email us.
See earlier COVID-19 updates at www.schenectadymetroplex.org.