Find out how to get Small Business Paycheck Protection
Small Business Paycheck Protection Program
The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.
Fully Forgiven
Funds are provided in the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.
Must Keep Employees on the Payroll – or Rehire Quickly
Forgiveness is based on the employer maintaining or quickly rehiring employees and
maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if
salaries and wages decrease.
All Small Businesses Eligible
Small businesses with 500 or fewer employees—including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietors, and independent contractors— are eligible. Businesses with more than 500 employees are eligible in certain industries.
When to Apply
Starting Friday, April 3, 2020, small businesses and sole proprietors can apply.
Starting April 10, 2020, independent contractors and self-employed individuals can apply. We encourage you to apply as quickly as you can because there is a funding cap.
How to Apply
You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating. All loans will have the same terms regardless of lender or borrower.
Additional Information is available at
Resources for Business and the Community
The Saginaw County Chamber of Commerce maintains a list of federal, state, and local resources that provide aid and information for your business, employees and our community during the COVID-19 (Coronavirus) pandemic. This information is ever-changing, please check the Chamber’s websiteFacebook, and your email frequently.
We will add links, resources, and updates as information becomes available. We are also converting our At A Glance Newsletter to include Coronavirus links and information as well as local updates, job availability, member coupons and most importantly Member News. Please let us know what your business is doing and how you are functioning during this uncertain time. We need to stay connected and support each other.
If you are offering a service to help the Saginaw County Community or local businesses weather this storm, please email your information to [email protected].
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