Local businesses are encouraged to take advantage of federal dollars being made available through the recently signed Coronavirus Aid, Relief, and Economic Security (CARES) Act. Dan Casey of the Economic Development Alliance of St. Clair County says two new loan programs are designed to give local businesses much needed capital and keep workers on their payrolls. One of those is the Payment Protection Program, with Casey saying applications are now being accepted. “One of the good things about this program is that the SBA (Small Business Administration) will forgive the loans if all employees are kept on the payroll for at least 8 weeks,” said Casey. Payment Protection Program loans can be applied for at any local bank that offers Small Business Administration loans. Also available are federal Economic Injury Disaster Loans. Casey says the the low-interest federally insured loans can be for as much as $2-million. Businesses can request a $10,000 advance when applying for the loan, giving them access to fast capitol that could be forgiven. Additional details are available on the EDA’s website, edascc.com/covid19 .
