I voted to pass the bipartisan #CARESAct & create the #PaycheckProtectionProgram (PPP) to provide nearly $350 BILLION in forgivable loans to help #SmallBusinesses pay employees during the #COVID19 pandemic. PPP Info & application form are now online: home.treasury.gov/policy-issues/… (1/5)
Illinois #SmallBusiness & sole proprietorships can begin applying for PPP loans from approved lenders THIS FRIDAY (4/3). Independent contractors & the self-employed can begin on 4/10. Get a head start on filling out the online application form here: home.treasury.gov/system/files/1… (2/5)
Any #PaycheckProtectionProgram loans spent over the 8 week period after receiving the loan will be forgiven *if* spent on maintaining your staff & payroll; mortgage interest; and rent & utility payments. Loan $ spent on *other* costs must be paid back in 2 years. (3/5)
The #PaycheckProtectionProgram is open until June 30, 2020 – but I *strongly* encourage Illinois #SmallBusiness to apply ASAP because approved lenders will need time to process loans and demand will be high for the #PPP program. (4/5)
The full fact-sheet for a potential borrower interested in applying for a #PayCheckProtectionProgram loan is available online: home.treasury.gov/system/files/1… (5/5)
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