April 25, 2020
Paycheck Protection Program Funding for Lake County Small Businesses Available Monday
A $480 billion dollar relief package to provide funding for small businesses that are suffering during the COVID-19 crisis was approved this week by the federal government. More than $320 billion is reserved for the Paycheck Protection Program, which provides forgivable loans to small businesses. The recent relief package also includes $75 billion for hospitals and $25 billion to establish more COVID-19 testing programs.
Beginning April 27 at 9:30 a.m., the U.S. Small Business Administration will resume accepting Paycheck Protection Program applications. Lake County small businesses may apply for the Paycheck Protection Program here. Further program information, and copies of required forms for application are located on the Small Business Administration website.
The Paycheck Protection Program (PPP) 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.
If you previously applied for the Paycheck Protection Program and have not received a confirmation email from your lender, you should follow up with your lender for a status update. You may need to contact your lender to see if you need to resubmit your PPP application.
A list of all eligible lenders based on your zip code can be found here. Certain online lenders like PayPal are also accepting PPP applications.
For general questions, please contact the SBA PPP dedicated line at 1-833-572-0502. For information on other resources available from the Small Business Administration, visit its coronavirus relief options web page.
ADDITIONAL FINANCIAL HELP
Lake County is actively evaluating best uses for recently received federal funding including $1.7 million dollars supporting the County’s Community Development Block Grant (CDBG) and $770,000 for the Emergency Services Grant (ESG). The ESG funds may be used for outreach and shelter for Lake County’s homeless population. The CDBG funds support programs such as rental assistance, improvements to long-term care facilities, creating alternative care sites and more. A Financial Assistance Working Group is assessing the greatest needs in Lake County and will be recommending programs to fund in the coming weeks.
Lake County Government will continue to update the community on future stimulus packages and relief measures for residents via news releases, on its website and Facebook page.
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