Since April 3, small-business owners have had the opportunity to apply for funds allocated through the Paycheck Protection Program (PPP) — the legislative initiative that provides 100% federally guaranteed loans to companies with less than 500 employees. But for those of you who might be struggling to connect with your local lender or finding time to apply, there’s help available. Reach out to Columbia Law School’s Tim Wu. The professor has banded together a team of law students to help small-business owners apply for funds.
You can reach Wu’s staff by emailing Manhattan Borough President Gale Brewer’s office.
This program is important because it can potentially help both businesses and employees stay afloat in the coronavirus-hit economy. One of the key measures within the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the PPP loans may be forgiven if borrowers maintain their payrolls during the COVID-19 pandemic or restore their payrolls afterward.
The U.S. Chamber of Commerce issued a Small Business Guide and Checklist which outlines what’s eligible for PPP loans, including:
—Any small business concern that meets the Small Business Administration (SBA) size standards (either the industry-based sized standard or the alternative size standard)
—Any business, 501(c)(3) non-profit organization, 501(c)(19) veterans organization or Tribal business concern (sec. 31(b)(2)(C) of the Small Business Act) with the greater of: 500 employees, or That meets the SBA industry size standard if more than 500
—Any business with a NAICS Code that begins with 72 (Accommodations and Food Services) that has more than one physical location and employs fewer than 500 per location
—Sole proprietors, independent contractors and self-employed persons
Independent contractors and self-employed individuals can apply- starting April 10.
By – Downtown Alliance