Ocean County Press Release
STARTING AT 10:30 a.m. on April 27, the Small Business Administration (SBA)'s Paycheck Protection Program will begin accepting applications from participating lenders again.
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
Those who can apply are any small business concern that meets the SBA's' size standards. Any business, 501(c ) (3) non-profit organization, 501 ( c ) (19) veterans organizations or Tribal business concern with the greater of 500 employees or that meets the SBA industry size standard of more than 500. Also, any business with a NAICS Code that beings with 72 (Accommodations and Food Services) that have more than one physical location and employs less than 500 per location. As well as sole proprietors, independent contractors and self-employed persons.
"Small businesses are encouraged to apply for assistance through the SBA for the Paycheck Protection Program as well as the Emergency Loan Program and payroll taxes assistance," said Ocean County Freeholder Director Joseph H. Vicari, who serves as liaison to Ocean County tourism and business development. "These programs will hopefully provide some relief to the small businesses that are a major asset to the Ocean County economy."
For more information on the Paycheck Protection Program, visit www.sba.gov.