"Paycheck Protection Program" can help local small businesses

These are uncertain times for the owners of Winneshiek County small businesses.  But part of the federal aid package approved by Congress is the "Paycheck Protection Program."  This program is designed to provide a direct incentive for small businesses to keep their workers on payroll by providing each small business a loan up to $10 million for payroll and certain other expenses.

If all employees are kept on payroll for eight weeks, SBA will forgive the portion of the loan used for payroll, rent, mortgage interest, or utilities. Up to 100 percent of the loan is forgivable. Businesses with 500 or fewer employees may apply, including eligible non-profits, self-employed individuals, independent contractors, and others.

Business owners can apply for the Paycheck Protection Program at any lending institution that is SBA approved to participate.

Learn more on this website.