COVID-19 has taken over the collective consciousness of the American population. In addition to stay-at-home orders in most states, many businesses have suffered, too. People have to stay at home, non-essential businesses have to close, and the stock market has dropped. Combined, these things have led to a national recession and hard times for small businesses. As a small business ourselves at Best Service Plumber, we understand how tough times are now, but we’ve learned something that can help other small business owners, too.
How the Paycheck Protection Program Can Keep Your Workers Employed
The Paycheck Protection Program (PPP) is a loan and loan forgiveness option for small businesses. Briefly, if you have 500 or fewer workers, you can apply for this loan starting on April 3, 2020. The loan allows you to rehire workers you have laid off and to pay salaries for your employees between February 15, 2020, and June 30, 2020. The sooner you apply the better because the funds have a limit of $349 billion.
The loan has deferred payments for six months, and if you use it for qualified reasons, such as keeping your workers paid, you can get full forgiveness.
How to Apply for PPP
If you want to get this benefit for your small business, you need to apply through a Small Business Administration (SBA) approved lender. Discuss terms with the lender for more specific information that pertains to your business.
Keep Small Businesses in Your Area Going
Help other small businesses in your area to stay open by patronizing them whenever you can. If you have a plumbing emergency, for instance, contact us at Best Service Plumber instead of calling a national company. Choose local grocery stores and visit hometown restaurants for takeout meals. Only by working together and supporting each other can small businesses and the economy get through and emerge ready for growth on the other side of this temporary recession.