April 6, 2020 4:10 a.m.
Douglas County small businesses affected by the COVID-19 crisis are able to apply for forgivable loans through the federal Paycheck Protection Program, according to the Small Business Administration.
A release from the Douglas County Commissioners said the new program, created through the recently signed CARES Act, is designed to help businesses keep workers on their payroll.
The release said those eligible for PPP loans, including small businesses with fewer than 500 employees, private nonprofits and veteran’s organizations may quality for a loan up to $10 million. Amounts are determined by 8 weeks of prior average payroll, plus 25 percent of that amount. The loans will be fully forgiven if employees are kept on the payroll for 8 weeks and the money is used for payroll, rent, mortgage, interest or utilities, according to the release. Businesses that have had layoffs but quickly rehire laid-off workers are also eligible for loan forgiveness.
Loans are limited to one per business. For more information, go to the SBA website: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program-ppp.
Commissioner Chris Boice said it is very important to support the local business community while taking every available precaution to slow the spread of the COVID-19 virus.
Local Small Business Development Center staff are available to help business owners navigate the financial opportunities available. Contact the SBDC at 430-0990.