Local businesses eligible for a program to help keep employees on the payroll
Possible relief is coming for small businesses across the nation thanks to a program some San Antonio businesses are looking to apply for soon.
"It's not about having a business anymore. It's about helping each other. These people are like my family," said Marioli's Owner Mariana Oliver.
It's a family that is working to survive the impact of COVID-19.
"It's everything to be able to give jobs to my employees to make them secure and to know that they're going to be ok, that's my priority right now," said Oliver.
Oliver said she plans to apply for the Paycheck Protection Program to help those who work at Parioli's, her Mexican restaurant.
The PPP is a loan designed to help employees keep their jobs. It will be fully forgiven if the funds are at least 75 percent used for employee payroll and then the other up to 25 percent used for rent, interest on a mortgage or utilities. Right now, employees must be on the payroll for eight weeks as well. Companies with less than 500 employees, which includes independent contractors and self-employed people qualify.
"It is a public-private partnership that was created to create capital quickly to the small businesses," said Nina Ramon with Small Business America, San Antonio.
It's a program Nick Spink with Artisan Distillery said will give his small company a lot of relief.
"It's a great way a stimulus to be able to help little old companies such as myself to keep everybody on payroll and everybody suffering during this," said Spink.
Small Businesses are eligible for up to $10,000,000 according to SBA and can apply through any federally insured bank.
However, if you still have questions there are others like LiftFund who help small businesses if they typically cannot get loans.
"If you've not had a relationship with a bank before and think you can't have a relationship with a bank for whatever reasons, call LiftFund," said Janie Barrera with LiftFund. Right now, they are waiting to find out if they will be able to assist local businesses in getting the PPP loans.
Overall, it is something businesses believe will help their employees get paychecks.
"We're all in this together," said Spink.
You can download a sample form to see what will be required for you to apply through any federally insured bank or SBA 7(a) lender.
The PPP will be available through June 30, 2020, as of now.
Lenders can start processing the loan applications Friday, April 3, 2020.
