Could your company benefit from a Paycheck Protection Program (PPP) loan?
It is not too late to apply for one of these federal loans from the Small Business Administration (SBA). The program has been extended and the deadline is now Aug. 8.
The Solano Small Business Development Center (SBDC) is available to help local business owners in every step of the PPP application process. The Solano SBDC’s experienced consultants work one-on-one with business owners and are available to answer any questions or concerns that may arise. These consultations are all free of charge.
“Over 99 percent of businesses in Solano County are considered small businesses, with 500 or fewer employees,” said Tim Murrill, the director of the Solano SBDC. “All of these businesses qualify for the free services offered by the SBDC. We are here to help our business community navigate the COVID-19 crisis.”
The PPP is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive the loan in its entirety if all employee retention criteria are met and funds are used for eligible expenses.
For the loan to be forgiven, at least 60 percent of the funds must be used for payroll costs. The remaining 40 percent can also be used for payroll or on mortgage, rent and utilities.
PPP loans that are not forgiven have an interest rate of 1 percent. Loans issued prior to June 5 have a maturity of two years, while those issued after June 5 have a maturity of five years.
“A PPP loan could make all the difference in the world for a business struggling in today’s COVID economy,” Murrill said. “Our consultants are here to help streamline the application process.”
The Solano SBDC offers free, individualized and confidential one-on-one advising for existing businesses and start-ups with 500 or fewer employees. Business advisors are experienced in a variety of areas, including business plans, marketing, restaurant operations, human resources, retail and product pricing.
Learn more at www.solanosbdc.org or call 707-646-1071.
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