Application Here

Tomorrow, April 3, the Paycheck Protection Program (PPP) goes live to offer relief to small businesses as part of the CARES Act. The PPP provides $349 billion in the form of up to 100% forgivable loans to run payroll and pay business expenses.

While $349 billion might sound like a lot of money, we expect these funds to be allocated quickly—it’s important to apply ASAP – these funds are first come, first served.

We recommend talking with your bank today to understand their PPP participation as well as how and when to apply.

What is the Paycheck Protection Program?

A part of the CARES Act, the Paycheck Protection Program (PPP) provides $349 billion to help small businesses pay their employees during COVID-19.
If you’ve got under 500 employees and have been in business since February 15, 2020, you’re eligible for this relief money. It’s a loan, but if you meet the requirements below, both the loan and the interest will be forgiven.

How much money can I get?
The PPP has a formula to calculate loan amounts. It aims to cover up to two and a half months of your average payroll costs, including benefits.

What can I use the money for?

Payroll costs, including benefits
Mortgage interest
Rent
Utilities

Do I have to pay it back?

Payroll costs are expected to be forgiven in eight weeks, assuming you don’t lay off employees or go above salary reduction limits.

You can spend up to 25% of the funds you receive on rent, utilities, and interest on debt. These expenses are also expected to be forgiven; any remaining debt will be due in two years.

$10,000 LOAN ADVANCE
– FUNDS AVAILABLE WITHIN THREE DAYS –
DOES NOT HAVE TO BE REPAID

In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application. This loan advance will not have to be repaid.

Program Information Here

Application Here

This presentation is GREAT! It gives a very good explanation of the all too confusing CARES Act.

This website is also the best place to find all your business and employer resources. As a business owner, we highly suggest your check it out. If you have businesses or clients reaching out to you, we highly recommend you refer them here.

This fact sheet from the Small Business Development Center is also helpful! Check it out to help navigate the CARES Act.

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Tune into KPOK (1340) every Monday at 9:06 am for COVID-19 Updates.
For business updates visit Growing Bowman County on Facebook.
For health updates visit BowmanND.com.

Disclosure:
Please be mindful that information is changing daily. We feel it is very important to get this information out to you in a timely manner, so we highly encourage that you reach out to your loan officer or accountant.

We are working hard to keep information up-to-date and accurate, the Bowman County Development Corporation does not warrant the accuracy, reliability, or timeliness of any information published by this system, nor endorses any content, viewpoints, products, or services linked from this system, and shall not be held responsible for any losses caused by reliance of this information.

Any person or entity that relies on any information obtained from this does so at his or her own risk.