Quincy Reporter

The Paycheck Protection Program is now up and running with the express purpose of helping small business owners overcome the ravages of the coronavirus crisis.

Through the month of June, small businesses can now apply for loans through the U.S. Small Business Administration (SBA), all of which will be completely forgiven for operations that manage to keep all their employees on the payroll over the next two months.

All the funds must be used for either payroll, rent, mortgage interest or utilities and among the business eligible to apply are businesses with less than 500 workers, 501c private non-profits and 501c veterans organizations. 

In some instances businesses topping 500 employees can apply for the program provided they fulfill the SBA’s size guidelines for those particular industries. Businesses in the food and hospitality industry with more than one location may also apply if the head count at their location falls below 500 employees.

Those interested in applying can do so through any existing SBA lender or through one of several federally backed financial institution.

Small business owners across the country are now also eligible to apply for disaster assistance as well as enhanced debt relief through other SBA business loan programs.

Business with fewer than 50 employees and revenues of less than $3 million are also eligible to apply for loans through the Small-Business Emergency Loan Fund and small businesses downstate are now eligible to apply for grants of up to $25,000 through the Downstate Small Business Stabilization Fund.