- By Office of Congressman Tom Reed
- Business & Technology
Washington, DC - Congressman Tom Reed provided updated information to impacted businesses to assist them in the current COVID-19 crisis.
"I care about ensuring businesses in our region have the tools necessary to keep people working and protect their long-term jobs during the Coronavirus crisis. We are in constant communication with officials at all levels and with impacted businesses to provide the information they need," said Rep. Reed.
As part of the Coronavirus Aid, Relief, and Economic Security Act" (CARES Act), Congress created a new small business loan program within the Small Business Administration – the Paycheck Protection Program. Starting today, April 3, 2020, small businesses and sole proprietorships can apply through any existing Small Business Administration 7(a) lender or through any federally insured bank, credit union, or Farm Credit System institution that is participating.
While the CARES Act did waive a number of application requirements, to speed up the process for a Paycheck Protection Program loan, we encourage businesses to compile the following relevant information and documentation to ensure the receipt of these funds occur as fast as possible by the applicants:
- proof the business was in operation on or before February 15, 2020. (examples- filed tax returns, certificate of authority, etc)
- proof the business has employees who were paid salaries and payroll taxes were paid on those salaries.(payroll reports, payroll tax returns, etc.)
- The dollar amount of your business's average monthly payroll costs (tax returns, income and expense reports, etc.)
For an overview of the program, FAQs, and the borrower application, please visit the Department of the Treasury's Assistance for Small Business web page.
As with any challenge businesses or constituents face during this difficult time, Congressman Reed encourages people to visit his own web site for additional help.