LEESBURG, Va. (WDVM)– Earlier this week, the Paycheck Protection Program began accepting new loan applications in response to the Paycheck Protection Program Extension Act.
In Virginia, small businesses that suffered financially due to COVID-19 can now take advantage of this loan program. According to the U.S Small Business Administration, the loan will be fully forgiven if the funds are used for payroll costs, and utilities.
Russell Seymour, Director of Economic Development said, “The expansion of the PPE program, being able to have the opportunity to re-hire furloughed or those employees that have been laid off due to COVID-19 came at a really good time.”
Seymour said for businesses in Leesburg this will allow owners to bounce back from any financial hardships, and this PPP Program is a win.
The following entities affected by Coronavirus (COVID-19) may be eligible:
- Any small business concern that meets SBA’s size standards (either the industry based sized standard or the alternative size standard)
- Sole proprietors, independent contractors, and self-employed persons
- Any business with a NAICS Code that begins with 72 (Accommodations and Food Services) that has more than one physical location and employs less than 500 per location
- Any business, 501(c)(3) non-profit organization, 501(c)(19) veterans organization, or Tribal business concern (sec. 31(b)(2)(C) of the Small Business Act) with the greater of:
- 500 employees, or
- That meets the SBA industry size standard if more than 500
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