Important Construction Industry News: Help For Small Businesses
We sent a Reader/Subscriber survey out via email. Several of you have completed it already. If you haven’t, please do. The SurveyMonkey survey is short and will only take 3 minutes.
One question asked by a respondent warranted an immediate answer: “Where do we get financial help? I cannot find anything.”
I have been working with my banker on the SBA’s forgivable small business loan. I was going to wait and write an article after I made the submission so I would have more insight into the process. The level of concern makes me want to provide some answers immediately.
Here is the information I have.
My banker forwarded me a link to the application. When I click that link now it says access denied.
Contact your banker, they should be able to help you.
Here are details as I understand them. Please verify them for yourself, and Shield Wall Media assumes no liability for any mistakes. We are just trying to get you information you need.
- Name: Paycheck Protection Program – Assistance for Small Business · >>Link to information sheet HERE
- The Paycheck Protection Program is implemented by the Small Business Administration with support from the Department of the Treasury
- You can apply starting April 3, 2020
- Loans are fully forgiven if used for payroll, interest on mortgages, rent and utilities AND employees are kept on payroll at current salary levels
- No collateral or personal guarantees
- All small businesses with 500 or fewer employees are eligible
- You can apply through any SBA 7(a) lender or any federally insured depository, credit union or Farm credit System
- Additional information and participating lenders can be found at www.sba.gov
Shield Wall Media will continue to share relevant information as we receive it.
If you have any information you believe might help others during this event, please contact me directly. gary@shieldwallmedia.com cell 715-252-6360.
+ Canada has several programs to assist manufacturers and businesses including subsidizing payroll and accessing credit facilities through the Canada Account (EDC) and other sources. Here is a LINK for more information.
— Gary Reichert