Federal Paycheck Protection Program
April 6, 2020
Paycheck Protection Program
An SBA loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis.
To Canalway Small Businesses and Nonprofit Organizations:
The newly launched federal Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses (including nonprofits) to keep their workers on the payroll. The U.S. Small Business Administration (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.
You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program.
Lenders may begin processing loan applications as soon as April 3, 2020. The Paycheck Protection Program will be available through June 30, 2020. You are encouraged to apply quickly as there is a funding cap.
Please go to the SBA's website for additional information: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program-ppp
If Erie Canalway can be of any assistance in helping you understand or navigate the program, please feel free to email Bob Radliff at bob_radliff@partner.nps.gov and we will do our best to help.
Stay well!
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Erie Canalway National Heritage Corridor
PO Box 219 | Waterford, NY 12188
518-237-7000 | erie_canal@nps.gov
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