April 24, 2020
Dear Business Owners,
We hope that you and your families remain healthy and safe. We are reaching out to provide you with some information on the new stimulus package that was approved by the House on Thursday, April 23.
Below is a quick summary:
- An additional $310 billion for the depleted Paycheck Protection Program, of which $60 billion, is set aside for underbanked businesses. That includes community-based lenders, smaller banks, and credit unions to assist smaller businesses that don’t have established relationships with big banks and have had a harder time accessing the funds in the first round of loans. About $10 billion of that would also be allocated for administration fees.
- $50 billion available for EIDL loans.
- $75 billion for hospitals.
- $25 billion for coronavirus testing. Of that testing money, $11 billion will go to states, and some will also go to the federal government.
If you already applied for the PPP loans and received approval confirmation from your lender, you can expect to receive PPP funds soon. If you think you were approved but didn’t receive any form of confirmation from your lender, we strongly recommend you to follow up directly with your lender.
If you haven’t applied yet, the Small Business Association will start taking new applications for PPP on Monday, April 27, at 10:30 a.m. While waiting for PPP funding to resume, you should collect all required documentation for the program and send it to your lender. This enables the lender to prepare for submitting your application as soon as the program opens again. Please see COVID-19 Emergency Loans: Small Business Guide prepared by the U.S. Chamber of Commerce for more information.
We have been committed to assisting Wadsworth business owners and recognizing the importance of preparing for Wadsworth’s re-emergence on the other side of COVID-19. Please continue to check out our COVID-19 Resources page, as we update it often. If we can help your business/organization, please reach out and let us know.
Director of Economic Development
Office: (330) 335-2707
Cell: (330) 419-2624
Office: (330) 335-2727