Monday, April 6, 2020
Many businesses still do not understand the options available to them regarding recent state & federal legislation. This is particularly true of small businesses that need the help the most, and who the current SBA and PPP loans are designed to help.
They need to call their bank today. If they have an accountant, they should have called that person yesterday. Many small business owners are unaware they can get unemployment assistance from the state. They don’t know that the CARES act offers them the ability to hire back their furloughed or dismissed employees, and the loan they receive can not only be used to pay their payroll, rent and utilities, it can also be completely forgiven.
If these businesses can get cash, they could stay operational enough so that those businesses are much more likely to come roaring back, with their employees intact, as soon as this pandemic is over.
Businesses need cash now, and the process of getting approved by the SBA has been dreadfully slow thus far. Based on what we’re hearing from businesses over the weekend, it will likely be another week or longer for some to get cash, even from our local banks.
The US Chamber has created infographics to help simplify and explain these very complicated and new programs.
We will get through this together. #TogetherKY
This information was provided by the Northern KY Chamber of Commerce.