Martino: Message to Small PBG Business Owners
Posted by Michael Martino on April 6, 2020 · Leave a Comment
If you are a small business owner that has been ordered by the government to shut your doors because of the Covid-19 virus pandemic, there is a glimmer of hope for you. The President and the United States Congress, your Federal government, wants you to remain in business with your employees intact. They realize that it is the small businesses around our country that help to provide fuel that drives the engines of our great American economy. Our Federal, State, and Local governments understand that nearly 70% of the American work force is employed by small businesses. Through no fault of their own, these small businesses have been severely and dangerously disrupted by the Covid-19 virus.
The President and the United States Congress recently passed into law the $2.2 trillion Coronavirus Aid, Relief and Economic Security (CARES) Act. Using $350,000,000 of those funds, they created the Paycheck Protection Program (PPP). The PPP orders the Small Business Administration (SBA) to loan monies from these funds at extremely low interest rates. The Federal government wants the PPP monies disbursed quickly. If you meet the modest conditions of the loan the entire loan amount may be forgiven.
Conditions and qualifications to receive a PPP loan for your business are minimal with little to no red tape. However, this is a no frills loan. It must be used to underwrite normal business operations, such as, payroll for you and your employees, money for rent, mortgage obligations, utilities and other debt obligations you may have. Starting Friday, April 3rd, these monies will be available for small business owners with 500 employees or less. This can be an S Corp, C Corp, LLC, sole proprietorship or independent contractor.
If you are a small business owner who has worked 24/7 to build a viable and successful business, I urge you to investigate this loan opportunity. If it makes sense to help save your business, then take advantage of the SBA rescue money. It’s available at most FDIC banks, your bank or any local bank of your choosing. Bring the obvious business records with you. Click on the link more information on the Paycheck Protection Program .
I am sure that I share the same expressions of care and concerns of all Palm Beach Gardens residents for our stressed business community. We want our local businesses to be there when we once again can avail ourselves of their products and services. It is true; the COVID-19 pandemic has transformed our daily lives, temporarily. Normalcy will return. For our small businesses, please know that we anxiously wait to once again see your sign…
YES, WE ARE OPEN