Small Businesses
Kevin Comer here back with the Report as the news continues to roll in. In addition to unemployment benefits, there is also help for small businesses on its way. Here are the latest details, so far:
Many small businesses can get loans that, if they do not reduce payroll and keep paying their employees, will be forgiven. It is a way for businesses to keep employees during this time.
If you have already laid off workers, you can still get the loan and get forgiveness as long as you rehire the laid off employees.
The loans will be managed by the Small Business Administration — more info on this later as details become available.
Businesses can borrow 2.5x their monthly payroll and can spend that on any necessary business expenses. They have to pay their employees to get the loan forgiven though.
There is hope for small businesses — if you have any questions or feel overwhelmed, please give me a call at 727-729-2719.