Small businesses and non-profit organizations can ask for loans from the federal Small Business Administration’s Paycheck Protection Program. Illinois Valley Area Chamber of Commerce Executive Director Joni Hunt says an operation can get enough money to cover eight weeks of payroll. And if at least 75% of the money is used for payroll, the loan can be forgiven. Otherwise, payments are deferred for six months.
Hunt says there are other programs and a business owner or non-profit administrator needs to look over the options and the rules.
Businesses and non-profits with up to 500 employees have been allowed to apply since April 3. Independent contractors and the self-employed can apply too, starting Friday, April 10.
More info at the Small Business Administration website.