IT’S WORKING! Paycheck Protection Program loan applications due by August 8
On July 3, President Trump signed the PPP Extension Act, which I voted for. The new law pushes the deadline to apply for the Paycheck Protection Program (PPP) to August 8, 2020.
Through July 17, the PPP provided more than 23,000 loans to Montana businesses and nonprofit organizations totaling more than $1.7 billion.
The PPP, a part of the CARES Act which I supported and voted for, assists small businesses so they can stay open and keep paying their workers. The new laws provide about $660 billion in federally guaranteed loans via the PPP to provide eight weeks of cash-flow assistance to small businesses who maintain their payroll during this emergency.
Under the PPP:
- Eligible recipients may qualify for a loan up to $10 million determined by eight weeks of prior average payroll plus an additional 25 percent of that amount.
- Loan payments will be deferred for six months.
- If you maintain your workforce, SBA will forgive the portion of the loan proceeds that are used to cover the first eight weeks of payroll and certain other expenses following loan origination.
The PPP will save 150,000 Montana jobs, according to the U.S. Joint Economic Committee.
Here are a few stories about how PPP is working in Montana –
Billings Gazette: Paycheck Protection Program gave $1.8B to 22K Montana businesses. Who were they?
“Like everybody else, we were anxious and concerned for our employees and what we were going to be able to do,” Gilpin said recently. “We were actually able to keep all of our staff and our operations going.”
Tumblewood not only held onto staff; it retooled, doubling down on supermarket sales. Gilpin enrolled in online marketing courses and the business hired an analytics company to make sure it was reaching its customers at home. The U.S. Small Business Administration covered the business’ payroll for eight weeks.
Independent Record: PPP dollars save 13,000 Helena jobs
More than 1,200 Helena businesses and nonprofits received Payroll Protection Program relief funds, saving the livelihoods of more than 13,000 local workers.
Montana Standard: Butte, Anaconda benefit from loan program
For Zac Yates, general manager at Yates Body Shop, his main concern is his 15 employees. He was bound and determined that all employees keep their jobs
“We jumped on the opportunity to get the loan,” he said.
With the help of the loan, the long-standing body shop has been able to stay afloat and keep its employees.
MTN News: Fuel Fitness thankful for Paycheck Protection Program loan
For a popular chain of gyms in our region, updated loan parameters have helped them and their members get back up and running.
For more information about PPP, please visit the SBA’s website.
For a list of lenders near you who are participating the program, click here.
If you have any questions or need assistance, please don’t hesitate to reach out to my office.