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County chamber alerts businesses to paycheck program

OBSERVER Photo by Jo Ward The Chautauqua County Chamber of Commerce.

Chautauqua County Chamber of Commerce is alerting businesses this weekend to a program that may assist area businesses keep and pay employees during this national health crisis.

The Coronavirus Aid, Relief, and Economic Security Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn, reported the chamber. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses who maintain their payroll during this emergency.

Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward.

These loans are available to the following: small businesses with fewer than 500 employees; 501(c)(3) non-profits; sole proprietors; independent contractors; self-employed individuals who regularly carry on a trade or business.

Borrowers are eligible to have their loans forgiven.

Todd Tranum, chief executive officer of the county chamber said the U.S. Chamber of Commerce has prepared a helpful guide about the Paycheck Protection Program. The link is https://www.chautauquachamber.org/uploads/1/1/7/1/117185336/uschamber_small_business_ela_loan_guide.pdf

“It is important that eligible businesses and non-profits apply soon,” Tranum said.

For additional information and for free assistance with a loan application, contact the local Small Business Development Center at (716) 338-1024 or view this link: http://www.nyssbdc.org/covid19response.html

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