Senator Doug Jones (D-Ala.) is encouraging Alabama small businesses to apply for COVID-19 relief funds through the Paycheck Protection Program (PPP) before the program’s deadline on Tuesday, June 30.
“All small businesses in Alabama should reach out to their bank or credit union to check to see if they’re eligible to benefit from PPP loans before the program closes on Tuesday,” Senator Jones, a member of the Senate Banking Committee, said. “We need to do everything we can to help workers and small businesses in our state that have been hurt by the coronavirus. This program is a great opportunity to receive relief funds that could make a huge difference while they try to weather this pandemic.”
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses impacted by COVID-19 to keep their workers on the payroll during the economic crisis. The Small Business Administration (SBA) will forgive loans if all employees are kept on the payroll for twenty-four weeks and the money is used for payroll, rent, mortgage interest, or utilities.
Businesses can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program.
Senator Jones has been a strong advocate for support for workers and small businesses throughout the COVID-19 crisis. He worked to ensure that PPP funds were replenished after being depleted and has introduced legislation to cover the wages and benefits of employees of affected businesses and non-profits until the economic and public health crisis is resolved.
More information about how to apply for a PPP loan can be found here.