Paycheck Protection Program opens
Published 1:30 am Friday, April 3, 2020
Submitted by San Juan County Economic Development Council
The San Juan County Economic Development Council would like to convey to business owners that applications for the Paycheck Protection Program, a vital component of the CARES Act signed into law on March 27, opened for local small businesses on Friday, April 3.
The program gives small businesses, including independent contractors and self-employed individuals, vital short-term funding to continue to employ workers, and a portion of the loans can be forgiven and converted to grants if used according to program guidelines. The loan application portal will be open starting Friday, April 3 (for small businesses and sole proprietors) and Friday, April 10 (for independent contractors and self-employed individuals).
All local banks and other SBA lenders will participate in this program, and the US Department of Treasury is adding other regulated lenders as quickly as possible. More information is available at https://home.treasury.gov/system/files/136/PPP—Fact-Sheet.pdf.
Business owners should contact their bankers directly to find out if they are eligible to participate, and are urged to act quickly as this is a first-come, first-served program. Locally, Islanders Bank and Heritage Bank are currently working with local businesses on the process, and Wells-Fargo is rolling out details on their website.
The San Juan County Economic Development Council strives to strengthen and diversify the economy of San Juan County. We believe a strong economy builds a strong community.
