April 22, 2020
Payroll Protection Program Funding for Lake County Small Businesses
The U.S. Senate approved a $480 billion dollar relief package to provide funding for small businesses that are suffering during the COVID-19 crisis. More than $320 billion is reserved for the Paycheck Protection Program, which provides forgivable loans to small businesses. It is anticipated that the U.S. House of Representatives will approve the bill within the next two days, with the President of the U.S. to sign shortly after.
Lake County small businesses are urged to prepare for this opportunity and consider applying for the Paycheck Protection Program as soon as it's available. Further program information, and copies of required forms for application are located on the Small Business Administration website.
"We have been working with our federal legislators to ensure that this additional funding was made available to our small businesses that are suffering from the effects of COVID-19," said Lake County Board Chair Sandy Hart. "We will continue to share information and guidance on how to access these important funds."
The Payroll Protection Program provides small businesses with funds for payroll costs, including benefits – with loan forgiveness if certain criteria is met. Funds can also be used to pay interest on mortgages, rent and utilities for businesses.
The bill also includes $75 billion for hospitals and $25 billion to establish more COVID-19 testing programs.
For information on other resources available from the Small Business Administration, visit its coronavirus relief options web page.
Lake County Government will continue to update the community on future stimulus packages via news releases, on its website lakecountyil.gov and Facebook page.
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