Skip to main content
U.K. Edition
Thursday, 28 March 2024

Paycheck Protection Program opens for small business owners

Credit: KTNV Channel 13 Las Vegas
Duration: 02:56s 0 shares 1 views

Paycheck Protection Program opens for small business owners
Paycheck Protection Program opens for small business owners

Small business owners from all over the country are now eligible for the Paycheck Protection Program also known as PPP, including thousands from Nevada.

A LIFE-LINE...FOR SMALL BUSINESSES...STRUGGLING TO STAY AFLOAT.GOOD EVENING...I'M TRICIA KEAN.TODD IS WORKING FROM HOME.BUSINESSES...HIT BY THE CORONAVIRUS...ARE NOW ELIGIBLE...FOR "THE PAYCHECK PROTECTIONPROGRAM"..AND...HUNDREDS ARE EXPECTED TO APPLY!13 ACTION NEWS REPORTER....ASTRID MENDEZ EXPLAINS...HOW THE PROCESS WORKS...WHAT THIS MEANS FOR WORKERS.SEVERAL BUSINESSES THAT ARECLOSED NOW COULD BE BRINGINGTHEIR EMPLOYEES BACK TO WORK,BUT THAT COULD TAKE WEEKS ATLEAST.349 BILLION DOLLARS IN LOANSARE AVAILABLE FOR SMALLBUSINESSES AND PRIVATEADMINSTRATION SAYS THE LOANWILL HAVE A MATURITY OF 2 YEARSPERCENT, AND THE REST FOR OTHEREXPENSES LIKE RENT ANDUTILITIES.BUT TO RECEIVE A LOAN, FIRST,YOU NEED TO TALK TO YOURLENDER."MOST LENDERS ARE FOCUSED FIRSTIN THEIR PRIMARY DEPOSITARY,THEIR PRIMARY BUSINESSRELATIONSHIPS.AND THEN TAKING INCONSIDERATION BANDWIDTH ANDOPPORTUNITY AND EXTENDING ITOUT BEYOND THEIR DEPOSITORYSERVICES TO OTHER BUSINESSCLIENTS." THE DISTRICTDIRECTOR OF THE SBA HERE INNEVADA SAYS THAT ON THE SMALLBUSINESS ADMINISTRATIONWEBSITE, UNDER THE CORONAVIRUSRELIEF OPTIONS, YOU CAN FINDTHE FORMS NEEDED FOR THEAPPLICATION."HAVE YOUR FINANCIALINFORMATION READY, YOUR PAYROLLINFORMATION READY, AND HAVE AGOOD UNDERSTANDING OF YOURPAYROLL COUNT IS, HOW MANYBODIES ARE PART OF YOURASSOCIATED PAYROLL.THAT AND THE APPLICATIONCOMPLETED AS BEST YOU CAN, WILLBE VERY HELFUL TO THE BANKERS".AND AFTER SUBMITTING YOURAPPLICATION, YOU'LL HAVE TOWAIT."EACH INDIVIDUAL LENDER WILL DOIT ONTHEIR OWN TIMELINE, THEY HAVETO DO ANALYSIS, THEY HAVE TOCOLLECTDOCUMENTS, THE BETTER TOU AREPREPARED, THE FASTER YOU'LL GETAPPROVED.DATA WE'RE TOLD THAT ONCE THATYOU'RE APPROVED NORMALLY THEFUNDING WILL COME DIRECTLY FROMTHE BANK, WOULD TAKE A WEEK ATBEST, AT WORST, A WEEK ANDA HALF OR TWO.SO FAR-- MORE THAN $3.5 BILLIONIN LOANS HAVE BEEN PROCESSED SOFAR IN THE COUNTRY AND THENEVADA BANKERS ASSOCIATION ISASKING EVERYONE FOR (ROLL GX)PATIENCE, SINCE THERE ARE ABOUT5,400 BANKS IN THE COUNTRY ANDROUGHLY 1,800 OF THEM AREAPPROVED BY THE SMALL BUSINESSADMINISTRATION AND HAVEEXPERIENCE IN THIS PROCESS"IF PPP IS NOT AN OPTION FORYOUR BUSINESS, THERE ARE OTHERPROGRAMSAVAILABLE BUT THEY COULDREQUIRE BACK PAYMENTS,FOR MORE INFORMATION, CONTACTTHE SMALL BUSINESSADMINISTRATION HERE IN NEVADA.A MAN WHO WORKS AT A LOCAL HIGHSCHOOL HAS DIED....

You might like

Related news coverage

Advertisement

More coverage